Government raises Rs.800 crore from HCL stake sale

Last Updated: Fri, Nov 23, 2012 14:20 hrs

New Delhi, Nov 23 (IANS) The government Friday said it has raised Rs.800 crore from selling 5.58 percent of its stake in the Hindustan Copper Limited (HCL).

The finance ministry said in a statement that the government has offloaded its 5.58 percent stake in Hindustan Copper Limited through a "stock exchange mechanism".

The federal cabinet at a meeting held Sep 14, this year, had approved approved disinvestment of 9.59 percent paid up equity capital of Hindustan Copper Limited through the offer for sale through stock exchange mechanism.

The issue was held Friday. A minimum of 4 percent of the paid up equity shares (3,70,08,720 shares) was offered for sale with an option to sell an additional 5.59 percent (5,17,14,580 shares) paid up equity shares of the company.

The floor price was fixed by the Empowered Group of Ministers at Rs.155 per share.

"A total bid for 5,16,11,858 shares were received. It has been decided to accept the entire number of shares bid for at or above the floor price. Thus, approximately 5.58 percent of the total paid up share capital of HCL stands divested through this issue,?h the finance ministry said in a statement.

"The approximate gross receipts from the issue is Rs.800 crore," it said.

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