HomeBusinessHindustan Copper Crashes Over 5% On Stake Sale Plans

Hindustan Copper Crashes Over 5% On Stake Sale Plans

Hindustan Copper Crashes Over 5% On Stake Sale Plans

At 1:50 pm, Hindustan Copper shares have been buying and selling decrease by 5.6 per cent on the BSE

Hindustan Copper shares crashed greater than 5 per cent on the BSE on Thursday afternoon a day after the federal government introduced plans to promote stake within the public sector enterprise. The authorities will promote 5 per cent stake in Hindustan Copper by a suggestion on the market (OFS), the corporate mentioned in a regulatory submitting to the inventory exchanges late Wednesday night.

The OFS will happen on Thursday and Friday by a separate, designated window of BSE and NSE, Hindustan Copper mentioned. The authorities will promote 48,351,201 fairness shares, representing 5 per cent of the overall issued and paid up fairness share capital of Hindustan Copper, at a ground value of Rs 116 per share.

Hindustan Copper was included in November 1967. It is concerned in the complete copper manufacturing cycle, from mining and smelting to refining and casting of refined copper into downstream saleable merchandise.

At 1:50 pm, the shares of Hindustan Copper have been buying and selling at Rs 117.45, decrease by 5.6 per cent, on the BSE as in opposition to a 0.4 per cent decline within the benchmark indices.

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