MUMBAI: Govt is selling up to 6% in Hindustan Copper at a floor price of Rs 514 per share through an offer for sale (OFS) to mobilise about Rs 3,000 crore. The floor price for the OFS is at an 11.6% discount to the stock’s closing price of Rs 573.6 on BSE on Monday. This is the 10th divestment offer in the current fiscal.According to the company’s disclosures on BSE, govt is offering to sell a little over 2.9 crore shares (3% of the company’s equity capital) through the OFS, which will open today. Depending on the demand, govt may offer another 2.9 crore shares to investors, it said.Retail investors will be able to bid on the second day of the offer, that is, Aug 26. “10% of the offer is reserved for retail investors, with an additional 25,000 shares reserved for eligible employees,” secretary, DIPAM, govt’s divestment department, said through a post on X (formerly Twitter).Currently, govt holds 66.1% in the copper miner and producer, shareholding data on BSE showed. Post the successful divestment in the company, govt’s stake would come down to a little over 60%. DAM Capital Advisors, Emkay Global Financial Services and IDBI Capital Markets & Securities are managing the offer for govt, the OFS notice on BSE showed. This divestment comes within three weeks of the most successful OFS in India. On Aug 6, govt closed the offer to sell 10% in life insurance major LIC and mobilised Rs 31,515 crore from the market. It was the biggest such offer in India ever.Till date in FY27, govt has mobilised Rs 52,716 crore from nine divestments and some receipts from SUUTI. The Budget had set a Rs 80,000-crore divestment target for the current year.
