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Hindustan Copper OFS To Open On Wednesday

Hindustan Copper OFS To Open On Wednesday (HCL OFS):

The government will sell 4% from its equity stake in the state-run company Hindustan Copper Ltd (HCL) via an Offer for Sale (OFS) of shares on Wednesday and Thursday with an option to offer another 4% stake in the sale. , Hindustan Copper OFS can fetch government funds from Rs 240 Crore – Rs 480 Crore.

The government will sell over 3.7 crore shares in the OFS at Rs 64.75 per share, at a discount of over 8% to the Friday’s closing price of Rs 70.65.

Hindustan Copper’s shares ended up 1.22% today ahead of the announcement of the OFS. Hindustan Copper OFS issue will open for the institutional investors on Wednesday, and for retail investors on Thursday.

Earlier last year too, the government raised Rs 400 crore from stake sale in Hindustan Copper, by selling 7% stake or over 6.47 crore shares at a floor price of Rs 62 per share.

Just like last year, this year too, the government will give discount to the retail investors on the offer price.

Indian government has undertaken strategic sale of stake in profitable PSUs to help boost up state revenue and bridge the fiscal deficit. In the last financial year 2016-17, the government raised Rs 46,247 crore through disinvestment, the highest ever amount earned by sale of equity stake in PSUs, though falling short of the original target, as expected.

This fiscal, the government seeks to sell 10% equity stake each in three major state-run railway companies IRCTC, Ircon and IRFC via IPOs.

The Union Cabinet has also approved listing of five state-run general insurance companies, which is likely to begin only in the next financial year with the first listing possible by September-October.

The government is also reportedly looking at selling 10% equity stakes each in the capital goods major Bharat Heavy Electricals Ltd and Energy company Oil India Ltd.

Market Update:

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Au Financiers Ltd (AUFL) IPO also able to list successfully and gave its investors over 51% listing gains.

While Salasar Techno Engineering Ltd IPO (STEL IPO) lists at over 150% gain on first day itself.

Security and Intelligence Services Ltd IPO (SIS IPO) is going to hit market from July 31, 2017 – August 02, 2017. While Cochin Shipyard Ltd IPO (CSL IPO) is also going to hit market from August 01, 2017 – August 03, 2017.

Cochin Shipyard IPO Grey Market Premium (GMP) is trading at Rs 152 – Rs 154 per equity share. While Security and Intelligence Services IPO Grey Market Premium is trading at Rs 70 – Rs 72 per equity share.

Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insuranceSBI life insurance IPO etc.

Keep watching this blog to keep yourself updated with all the news.

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