Govt offers shares to Hindustan Copper employees

The Government of India has offered to sell 31,98,646 equity shares to eligible employees of the state-run company at Rs 116 each.

Sep 27, 2021 12:09 IST capital market

In accordance with the approval given by alternative mechanism on 15 September 2021, the Government of India is offering up to 31,98,646 equity shares (0.33% equity) of face value of Rs 5 each to the eligible employees of the company at Rs 116 per equity share.

The offer price is 5.17% premium to Hindustan Coppers closing price of Rs 110.30 on Friday, 24 September 2021.

The employee OFS shall remain open from 27 September 2021 to 29 September 2021 (both days inclusive).

The Government of India held 72.76% stake in Hindustan Copper as of 30 June 2021.

Hindustan Copper is engaged in exploration, exploitation, mining of copper and copper ore, including beneficiation of minerals, smelting and refining.

The companys consolidated net profit rose 53.69% to Rs 45.63 crore on a 37.97% decline in net sales to Rs 267.60 crore in Q1 FY22 over Q1 FY21.

Shares of Hindustan Copper were down 0.41% to Rs 109.85.

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