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Hindustan Copper share sale price fixed at 155 rupees/share-sources

Source : REUTERS
Last Updated: Thu, Nov 22, 2012 11:04 hrs
The BSE building is reflected on a glass window as people look at a large screen displaying India's benchmark share index in Mumbai

The base price for sale of the government's 4 percent stake in state-run Hindustan Copper Ltd has been fixed at 155 rupees a share, two sources with direct knowledge of the matter said on Thursday.

The share sale, to be launched on Friday, will raise 5.74 billion rupees at the floor price. Shares in Hindustan Copper ended 11.3 percent higher on Thursday at 266.15 rupees.

The government, which owns 99.6 percent of Hindustan Copper, said on Wednesday it would sell a 4 percent stake in the company through auction of shares.

The government aims to raise 300 billion rupees through share sales in state-run companies in the current fiscal year that ends in March, but has thus far drawn a blank as weak market conditions have deterred public issues or auctions.


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