The government has realised nearly Rs 3,000 crore from the sale of shares in Hindustan Copper Ltd, with the offer for sale (OFS) closing on Wednesday.
The OFS received an enthusiastic response from retail investors and was oversubscribed on both days, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said in a post on X.
"The issue was oversubscribed on both days, and the Government decided to exercise its entire greenshoe option. We thank all investors for their participation and reposing their faith in us," he said.
The OFS comprised 5.8 crore shares, including a base offer of 2.9 crore shares and an additional 2.9 crore shares under the greenshoe option.
Against 5,802,146 shares on offer, 41,566,840 bids were received at the end of the last day of the OFS, according to provisional data available on the exchanges.
The government had proposed to sell a little over 5.8 crore shares, representing up to 6% stake, including the 3% greenshoe option, through the two-day OFS at a floor price of Rs 514 per share.
The floor price represented a 10.38% discount to Hindustan Copper's closing share price on Monday.
Shares of Hindustan Copper closed at Rs 556.55 apiece on the BSE on Tuesday, up 4.38%.
The government currently holds a 66.14% stake in Hindustan Copper.
So far in the current fiscal year, the government has mopped up Rs 52,716 crore through PSU disinvestment via OFS in eight PSUs and remittances from SUUTI.
With the Hindustan Copper sale, collections under the disinvestment head would rise to about Rs 55,700 crore from minority stake sales in nine PSUs.
For FY27, the Budget has set a target of Rs 80,000 crore from disinvestment and asset monetisation.