Government of India to divest 4% in Hindustan Copper through Offer for Sale of Shares

The President of India, acting through and represented by the Ministry of Mines, Government of India (the "Seller") has announced an Offer for Sale of 37,008,720 equity shares of the face value of Rs. 5 each aggregating approximately 4% of the paid up equity share capital of Hindustan Copper Ltd (the "Company and such shares referred to as "Offer Shares"), with an option to sell an additional 51,714,580 equity shares of the face value of Rs. 5 each of the Company (collectively along with the Offer Shares, referred to as "Sale Shares"), collectively aggregating to approximately 9.59% of the paid up equity share capital of the Company by Promoters through a sale on the separate window provided by the BSE Ltd. & NSE Ltd. (the "Stock Exchanges") for this purpose.

The Sale shall take place on the separate window of the Stock Exchanges and shall commence on November 23, 2012 at 9.15 a.m. and shall close on the same day at 3.30 p.m. Indian Standard Time ("Trade Date").

The Hindustan Copper Ltd stock was trading at Rs.273.15, up by Rs.33.95 or 14.19%. The stock hit an intraday high of Rs.276.50 and low of Rs.222.

The total traded quantity was 15.58 lakhs compared to 2 week average of 0.68 lakhs.

Source : Equity Bulls

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