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Govt to offload 4% equity in Hindustan Copper on Friday

Press Trust of India/New Delhi 21 Nov 12 | 07:19 PM
 Hindustan Construction Company Ltd
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BSE   27 Aug 14 | 03:57 PM

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The government will offload its four% share in Hindustan Copper Ltd on Friday, starting the Rs 30,000 crore disinvestment programme for the current fiscal.

"HCL disinvestment will happen on Friday between 9:15 am and 3:30 pm. The first tranche is only going to be four%," Disinvestment Secretary Halim Khan told reporters.

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This will be the first stake sale in any PSU in the current financial year during which the government plans to raise Rs 30,000 crore by way of disinvestment.

The government had earlier planned to offload 9.59% out of its 99.59% equity in Hindustan Copper. However, it has now decided to offload the copper major in two tranches.

"We don't want to flood the market with extra liquidity so we are divesting stakes in two tranches," Khan said, adding that the floor price for the issue would be decided after the close of the equity market tomorrow.

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