India TV

Hindustan Copper shares gain as retail bidding for OFS begins, government to sell up to 6% stake

Shares of Hindustan Copper Ltd (HCL) gained around 3.50 per cent today as the retail bidding for the offer for sale (OFS) began. The action in the stock comes a day after it witnessed a sharp decline as the government launched the OFS. The government is selling over 5.80 crore shares, or up to 6 per cent, in the state-owned copper producer. This 6 per cent includes a 3 per cent green shoe option. The government is reducing its stake through the two-day Offer-for-Sale (OFS) at a floor price of Rs 514 apiece. The floor price was set at a 10.38 per cent discount over Monday's closing share price.