Hindustan Copper IPO may happen by Sept-end: DoD

The government today said it may divest stake in Hindustan Copper (HCL) by September-end and move towards meeting the disinvestment target for 2012-13.
    
"This quarter, RINL and Hindustan Copper (IPO) may come," Secretary in the Department of Disinvestment (DoD) Mohammad Haleem Khan told reporters here.
    
The government is already working on the initial public offer (IPO) of Rashtriya Ispat Nigam Ltd (RINL) and has launched roadshows for it. The 10% IPO of RINL could fetch the exchequer around Rs 2,500 crore.
    
As per a note prepared by the Finance Ministry, DoD is looking at 10% stake sale in HCL. The company will also issue fresh shares.
    
At the current market price, the government could mop up over Rs 2,000 crore through stake sale in HCL. The government holds 99.59% stake in HCL.
    
DoD is likely to divest stake in the listed PSUs through the institutional placement or offer for sale route. The government has set a target of Rs 30,000 crore from disinvestment this fiscal.
    
It had managed to raise only about Rs 14,000 crore through disinvestment last fiscal against the Rs 40,000 crore target.