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India selling 4% stake in Hindustan Copper

The Indian government is offering to sell 4% of its stake in Hindustan Copper Ltd. at a floor price of 64.75 Indian rupees per share, which is an 8% discount to the company's Aug. 1 closing price of 70.6 rupees per share, Bloomberg News reported the same day.

The offer will comprise about 37 million shares of five-rupee face value, valuing the stake at a minimum of 2.4 billion rupees.

Following the sale, the government's stake in the copper producer will reduce to 78.8%.

The offer opens Aug. 2 and will be restricted to nonretail investors. Retail investors will be allowed to place their bids Aug. 3.

The Indian government so far has raised 75 billion rupees via selling stakes in five companies during the current fiscal year. It is aiming to raise up to 725 billion rupees through various stake sales, the report added.

As of Aug. 1, US$1 was equivalent to 64.07 Indian rupees.