Shares of Hindustan Copper declined as much as 6% to Rs 540 on the BSE on Tuesday as the Union government opened an offer for sale (OFS) to divest a 3% stake in the state-run copper producer. The government has also retained an option to sell an additional 3% in case of oversubscription, which could take the total stake sale to 6%.
The OFS has a floor price of Rs 514 per share, representing a discount of about 10% to Hindustan Copper's last closing price of Rs 573.55. The offer will open first for non-retail investors on Tuesday, August 25, with bidding scheduled from 9:15 am to 3:30 pm.
