New Delhi - The government will from Thursday offload 7 percent of its stake in Hindustan Copper Ltd, through which it aims to raise about Rs 400 crore.
The President of India (acting through and represented by the Mines Ministry), promoter of Hindustan Copper, submitted a copy of notice of offer for sale of up to 6,47,65,260 equity shares of the company, the firm said in a regulatory filing.
The government holds 89.95 percent stake in Hindustan Copper.The firm has invited non-retail investors for the share sale on September 29, 2016. On September 30, retail investors can participate in the share sale, it added. The shares represent 7 percent of the total paid up equity share capital of Hindustan Copper, it said.
"The floor price for the offer shall be Rs 62 per equity share," it added.
SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities India are acting as brokers for the sale.
The sale is part of governments disinvestment plan, wherein it aims to raise Rs 56,500 crore in 2016-17.
It is also being done to meet the guidelines for having minimum 25 percent public shareholding in listed state-owned firms.