Today, 29th September, 2016, Government will offload 7% of its stake in Miner Hindustan Copper, through which its aims to raise about Rs.400 crore. The government, which owns almost 90% of the miner, is retailing 64.7 million shares, and has set a floor price of 62 rupees apiece, according to a regulatory filing.
The government contains 89.95 percent stake in miner Hindustan Copper. The firm has requested non-retail investors for the share sale on 29th September, 2016. On September 30, 2016 wholesale investors can take part in the share sale.
The shares signify 7 percent of the total paid up equity share capital of miner Hindustan Copper. The government also requires to cut its stake in state-run companies to 75 percent over a period of time as capital market rules needs widely traded companies to maintain a minimum 25 percent float.
SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities India are acting as dealers for this sale. This sale is part of the government’s ability sale plan to increase funds to help plug its debit. For the year to March 2017, it plans to increase 565 billion rupees from such sales.
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