Hindustan Copper share price gained over 3% in early trade on Wednesday, as the government's Offer For Sale (OFS) opens for bidding for retail investors. The PSU stock rose as much as 3.48% to Rs 551.80 apiece on the BSE.
Hindustan Copper OFS received strong demand for non-retail investors, with the issue subscribed 3.41 times on Tuesday. The government received bids for 8.91 crore shares against 2.61 crore shares offered in the base issue.
Following the robust institutional demand, the government decided to exercise the entire green shoe option, taking the potential stake sale to 6% from the base offer of 3%.
Hindustan Copper OFS floor price has been set at Rs 514 per share.
ALSO READ: MTAR Technologies Share Price Gains 3% on Rs 127-Crore Deal Win — Top Details Inside
The OFS opened for retail investors today, August 26. Retail investors are categorised as those who have an authorised share capital of up to Rs 2 lakh.
While 10% of the base issue has been reserved for retail investors, the company has reserved an additional 25,000 shares for eligible employees.
Hindustan Copper had 12.78 lakh retail shareholders, who collectively held a 17.79% stakes, according to the company's June quarter shareholding pattern.
At 9:50 AM, Hindustan Copper share price was trading 2.48% higher at Rs 546.45 apiece on the BSE.
ALSO READ: Catch Stock Market Live Updates Here
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.