Hindustan Copper shares up 5.6%, OFS opened for retail investors today
At 3.07 pm, the stock traded at ₹554.55 on the NSE, rising to ₹562.60 from the previous close of ₹532.65
Hindustan Copper shares experienced a 5.6 percent increase on Wednesday following the opening of the government's Offer for Sale (OFS) to retail investors. The OFS, which received a robust response from institutional investors on the first day of bidding, was three and a half times oversubscribed. The government has opted to utilize the entire green shoe option, which was indicated by the Department of Investment and Public Asset Management (DIPAM) Secretary at 3.07 pm on Wednesday.
The stock, trading on the National Stock Exchange (NSE), climbed from a previous close of ₹532.65 to a peak of ₹562.60. The OFS, initially set to sell 3 percent of Hindustan Copper's equity, now has the potential to sell up to 6 percent due to the full green shoe option being utilized. A floor price of ₹514 per share was established for the OFS, with 10 percent reserved for retail investors and an additional 25,000 shares allocated to eligible employees.
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