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India nets 4B rupees via selling 6.8% Hindustan Copper stake

The Indian government has raised about 4 billion Indian rupees, or US$62.8 million, from off-loading a 6.8% interest in state-run miner Hindustan Copper Ltd., Reuters reported Aug. 3, citing the finance ministry.

The offer comprised about 37 million shares of 5-rupee face value at a floor price of 64.75 rupees per share, which was an 8% discount to the company's Aug. 1 closing price of 70.6 rupees per share.

Following the sale, the government's stake in the miner will be reduced to 76.05%.

Deutsche Bank, Edelweiss, ICICI Securities and SBI Capital Markets were advising on the sale, the report said.

As of Aug. 3, US$1 was equivalent to 63.68 Indian rupees.