Hindustan Copper OFS opens for non-retail investors today

Hindustan Copper, a government-owned corporation functioning under the Ministry of Mines, is selling 4% stake in the company through an offer for sale. The divestment comes after the government’s steep divestment target set in the Union Budget 2017-18.
 
The President of India acting through and represented by the Ministry of Mines, Government of India proposes to sell up to an aggregate of 3,70,08,720 equity shares of face value of Rs 5 each. The offer for sale (OFS) issue is open for non-retail investors on August 2 while for retail investors the issue is open on August 3, 2017.
 
The floor price for the offer shall be Rs 64.75 per equity share.
 
Retail investors may enter a price bid or opt for bidding at the ‘cut-off price’. For this purpose, cut-off price means the lowest price at which the equity shares are sold pursuant to the offer, as determined on the basis of all valid bids received in the non-retail category on T day. Allocation to retail investors shall be made based on the cut-off price.
 
Retail investors will be allocated equity shares pursuant to the offer at a discount of 5% to the cut-off price in accordance with the SEBI OFS circulars.