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Hindustan Copper floor price set at Rs 155 apiece, government eyes Rs 1,375 crore

Hindustan Copper floor price set at Rs 155 apiece, government eyes Rs 1,375 crore

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New Delhi:

The floor price for the share sale of Hindustan Copper, which is happening on Friday, has been fixed at Rs. 155 per share. At this rate, the government will be able to mop up Rs 1,375 crore from the share sale, which will be done via auction and will take place between 9:15 am and 3:30 pm.

It may be noted that the government has the option of selling further 5.59 per cent stake in the state-run firm on Friday itself.

The government kicks off its disinvestment drive for the current fiscal year on Friday with the auction of 4 per cent stake in state-owned Hindustan Copper.

Oil India or NMDC will be divested before December 20, while the stake sale of NTPC may happen in January 2013, said Disinvestment Secretary Haleem Khan.

Earlier, the government had set November 21 as the date for divesting stake in Hindustan Copper.

On September 14, the government approved disinvestment of 9.59 per cent equity of Hindustan Copper through an offer for sale of shares through stock exchanges.

Speaking on the selloff of Hindustan Copper, Mines Minister Dinsha Patel on Wednesday said that the stake sale will be done in two tranches and the sale of the remaining 5.59 per cent stake will be announced later. Post disinvestment, the government's shareholding would come down to 90 per cent in the company, whose paid up capital was Rs. 462.61 crore as on March, 2012.

In 2011-12, the leading domestic copper producer had reported its best ever net profit at Rs. 323.44 crore, while its net sales stood at Rs. 1,489.61 crore.

The government, which is aiming to garner Rs. 30,000 crore by divesting its shares in the central PSUs in the current fiscal, has not launched a single share sale so far.

Last month, the government had indefinitely deferred the initial public offer (IPO) of Rashtriya Ispat Nigam Ltd due to differences with the merchant bankers over the price band of the issue.

During the current fiscal, it also aims to sell shares in NALCO, SAIL, MMTC, NMDC and Oil India among others.

Story first published on: November 22, 2012 18:04 (IST)

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