Government to sell 4% stake in Hindustan Copper on Friday

The Indian government will sell a 4 percent stake in state-run Hindustan Copper Ltd

RELATED ARTICLES

through an auction of shares on Friday, the official in charge of the government's divestment programme said on Wednesday.

The 4 percent stake is valued at nearly 9 billion rupees ($163 million) at current market price, but New Delhi is expected to offer shares at a discount to the market price to lure investors.

The federal cabinet approved the sale of 9.5 percent in Hindustan Copper in September. Mohd. Haleem Khan, secretary at the department of divestment, said the stake sale on Friday would be the first step.

The government owns 99.59 percent of Hindustan Copper.

New Delhi plans to sell stakes in miner NMDC Ltd and explorer Oil India before Dec. 20, Khan old reporters.

The government aims to raise 300 billion rupees ($5.5 billion) through share sales in state-run companies in the current fiscal year that ends next March, but has thus far drawn a blank as weak market conditions have deterred public issues or auctions.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Mutual fund stakeholders should focus on better returns in a bullish market

    The association of mutual fund of India (AMFI) has recently capped the commission paid to distributors of mutual fund schemes to a maximum of 1 per ce

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Today's Columns

Roopen Roy

What we can learn from Singapore

Lee Kuan Yew passed away at the age of 91 ...

Rajgopal Nidamboor

Don’t depend too much on ‘heroes’

We all have our own set of ‘heroes’ — not ...

Shona Adhikari

Anjolie Ela Menon, the storyteller, is back

Anjolie Ela Menon, one of India’s most celebrated artists, is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture