Share sale of Hind Copper, Blue Dart opens today

The stake sale of state-run Hindustan Copper and Blue Dart Express will open today.

The base price for sale of the government's 4 percent stake in state-run Hindustan Copper has been fixed at Rs 155 a share. The government owns 99.6% of Hindustan Copper and intends to sell another 5.6 percent early next year.

The government is hoping to raise Rs 574 crore at the floor price. Shares in Hindustan Copper ended 11.3 percent higher on Thursday at Rs 266.15.

However, floor price at a discount does not mean the divestment is happening at that price. The auction is based on price priority method and government can call off the auction if the price realised is not close to current market price.

Blue Dart

DHL Express (Singapore) has fixed a price of Rs 1,720 per share, a discount of 16 percent to the Thursday’s closing price, for sale of 6.03 percent stake in its subsidiary Blue Dart  Express.

The company is aiming to earn at least Rs 246.29 crore. DHL Express (Singapore), which holds 81.03 percent stake in Blue Dart Express as on end of September, would sell 14.32 lakh shares in the company tomorrow.

In a notice of offer for sale last evening, Blue Dart had said the sale of 14,31,937 shares would take place on separate windows of both BSE and NSE on November 23. The sale process will start at 0915 hrs and close on the same day at 1530 hrs.

Following the announcement of the offer for sale, Blue Dart's shares hit the upper circuit limit on the BSE today to settle at Rs 2,056.56 apiece, up 20 percent over the previous closing.

Blue Dart said a minimum of 25 percent of the offer will be reserved for allocation to insurance companies and mutual funds.