Disinvestment of 4.01% Government of India Shareholding in HCL through OFS Method;
Approximate Gross Receipts would be Rs. 260 Crore.
The Cabinet Committee on Economic Affairs (CCEA), in its meeting held on 14.9.2012, had approved disinvestment of 9.59% paid up equity capital of Hindustan Copper Limited (HCL) through the Offer for Sale through Stock Exchange mechanism (OFS).
The second tranche for sale of 4.01% of the share of HCL through the Offer for Sale (OFS) route was held today, i.e. 3rd July 2013.
As against a total number of 3,71,19,152 shares on offer, a total demand of 4,38,09,524 shares were received (BSE+NSE) above the floor price of Rs. 70. The issue was subscribed 1.18 times. The approximate gross receipts on allotment would be Rs. 260 crore.
With this disinvestment of 4.01% of its shares, HCL would now have a non promoter shareholding of 10% thereby making it compliant with the SEBI listing requirement.
Link is being provided for easy reference to HCL website: