On November 12, 2010, Hindustan Copper share saw sharp decline, the stock closed at at Rs 407.20, down Rs 33.95, or 7.7%.
State-owned Hindustan Copper follow-on public offer (FPO) pricing is likely be at around Rs 200 a share, reports CNBC-TV18, quoting sources.
On November 12, 2010, Hindustan Copper witnessed sharp decline wherein the stock closed at at Rs 407.20, down Rs 33.95, or 7.7%. There were pending sell orders of 6 shares, with no buyers available.
It has touched an intraday high of Rs 443.80 and an intraday low of Rs 390. It was trading with volumes of 1,081,461 shares, compared to its 5-day average of 309,510 shares, an increase of 249.41%. Market capitalisation stands at Rs 37,674.88 crore.
Public-sector copper producer Hindustan Copper FPO is most likely to happen in December, said its chairman and managing director Shakeel Ahmed. However, he declined to comment on the timings of the issue. “Many factors will be reviewed before deciding on a price,” he added
The offer includes 18.39 crore shares of Rs 5 each, which comprises an offer for sale of 9.2 crore shares by the government of India acting through the ministry of mines.
The issue will constitute 18.08% of the post-issue paid-up equity capital of the company. Up to 50% of the issue will be allocated qualified institutional buyers, not less than 15% to non-institutional bidders and 35% to retail bidders. Retail investors and eligible employees will get shares at a discount of up to 5% to the final offer price.
ICICI Securities, Enam Securities, Kotak Mahindra Capital, SBI Capital Markets and UBS Securities India are the book running lead managers to the issue
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