trending Market Intelligence /marketintelligence/en/news-insights/trending/S6IMqZb3b1S-_mzQ1DApXQ2 content esgSubNav
In This List

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

Blog

World Exploration Trends 2022

Blog

Gold Market Outlook

Blog

Insight Weekly: US recession outlook; mortgage activity slowdown; climate disclosure push

Blog

Insight Weekly: Cybersecurity M&A momentum; US banks' loan growth; miners' labor supply woes


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.