Hindustan Copper Ltd. (HCL)

PIB Press Release dated 15 June 2010- Disinvestment of 10% paid-up equity capital of Hindustan Copper Ltd. out of Government of India's shareholding along with issue of fresh equity of equal size by the company in the domestic market

The Cabinet Committee on Economic Affairs (CCEA) approved the proposal for disinvestment of 10% paid-up equity capital of Hindustan Copper Ltd. (HCL) out of Government of India’s shareholding along with issue of fresh equity of equal size by the company in the domestic market. The Disinvestment will be done in the following manner:

  1. Issue of fresh equity by HCL to the extent of 10% of the pre-issue paid-up capital of the company, equivalent to 9,25,21,800 shares of face value of Rs. 5 each in the domestic market as per SEBI rules and regulations.

  2. In conjunction with the issue of fresh equity as in (i) above; the Government to disinvest its 10% of pre-issue paid-up capital of the company, equivalent to 9,25,21,800 shares of face value of Rs. 5 each.

  3. Reservation of shares for employees of HCL will be at a discount of 5%, which will also be available to retail investors as per the guidelines of SEBI.

Background:

The paid-up equity capital of the company is Rs. 462.61 crore. The Government of India is holding 99.59% paid-up equity capital of the company at present. The face value of the share is Rs. 5 each.

Link is being provided for easy reference to HCL website: