Hindustan Copper offer for sale oversubscribed 1.2 times

Moneycontrol Bureau

Hindustan Copper's offer for sale (OFS) issue has been oversubscribed 1.2 times so far. The issue received bids for 4.35 crore equity shares as against OFS size of 3.71 crore shares till 2:55 pm. The floor price for the issue was fixed at Rs 70 apiece that is a discount of 3.6 percent to Tuesday's closing price. The government, which holds 94.01 percent stake in the company, aims to raise around Rs 250-260 crore by diluting 4.01 percent stake. The dilution of stake is for complying with minimum public shareholding norms. Hindustan Copper will use these funds for expansion plans.