Hindustan Copper's stake sale hits share prices sharply

Government owned entity Hindustan Corporation shares have corrected sharply after the government, which held the majority of shares in the company have divested around 7 per cent of its the shares in the company.

The promoters of Hindustan Copper have  submitted a copy of notice of offer to the national stock exchanges  for sale of 6,47,65,260 equity shares of the company, on September 29, 2016 for non-retail investors and September 30, 2016 for retail investors; and for non-retail investors of face value of INR 5 each, representing 7 per cent of the total paid up equity share capital of the company (the "Offer Shares"), through a separate, designated window of the BSE Limited (the “BSE”) and the National Stock Exchange of India Limited. 

Shares of the company as at 10.37 am are trading at Rs 62.75, down by 3.98 per cent. On the contrary the shares of the company in the last 3 months have surged over 16 per cent. In the last 6 months shares have given a return of 26 per cent.