6 days ago
Government Raises Nearly ₹3,000 Crore Through Hindustan Copper Stake Sale
The government sold part of its ownership in Hindustan Copper.
It sold a 6% stake in the company.
This brought the government nearly ₹3,000 crore.
The sale was made through an Offer for Sale.
Many investors wanted to buy the shares.
The offer received more applications than the shares available on both days.
The government used its full greenshoe option, which allowed it to sell additional shares.
Retail investors placed bids on Wednesday, after non-retail investors had participated the previous day.
The government raised nearly ₹3,000 crore by selling a 6% stake in Hindustan Copper Ltd.
The Offer for Sale closed successfully on Wednesday.
The issue was oversubscribed on both bidding days.
The government exercised its entire greenshoe option after strong demand.
Retail investors responded strongly after the retail portion opened on Wednesday.
- Who
- The Government of India sold shares in Hindustan Copper Ltd.; DIPAM Secretary Arunish Chawla announced the outcome.
- What
- An Offer for Sale of a 6% stake in Hindustan Copper raised nearly ₹3,000 crore.
- Where
- The announcement was made from New Delhi, and the sale was conducted through the Offer for Sale process.
- When
- The offer closed on Wednesday; the non-retail portion received bids the previous day.
- Why
- The government sold the stake to raise proceeds.
Key facts
- Company
- Hindustan Copper Ltd.
- Stake sold
- 6%
- Proceeds
- Nearly ₹3,000 crore
- Sale method
- Offer for Sale
- Demand
- The issue was oversubscribed on both days.
- Greenshoe option
- The government exercised its entire greenshoe option.
- Retail bidding
- The retail portion opened on Wednesday.
Quotes
Arunish Chawla
Secretary of the Department of Investment and Public Asset Management (DIPAM)
“The issue was oversubscribed on both days, and the Government decided to exercise its entire greenshoe option. We thank all investors for their participation and reposing their faith in us.”
thehansindia.com
Sources
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