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 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E-mail ID will not be published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

  • Amidst Sino-Indian bonhomie, the Tibet issue cannot be wished away

    Tibet did not figure in the three-day high-level meetings between India and the People’s Republic of China (PRC).

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Intertemporal choices

Intertemporal choice is the study of the relative value people ...

Parvez Imam

Why we all have blood on our hands

What does the Jammu and Kashmir flood make us think? ...

Dharmendra Khandal

The peculiar possibilities of animal poop

You can tell a lot about an animal by its ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture