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Cabinet approves further divestment in HCL

Posted on Nov 24, 09:45AM | IBNS

The Cabinet Committee on Economic Affairs (CCEA) on Friday approved to offer a sale of a minimum of 4 percent of the paid up equity shares (3,70,08,720 shares) of Hindustan Copper Limited (HCL) with an option to sell an additional 5.59 percent (5,17,14,580 shares).

Earlier CCEA in a meeting held on Sept 14, 2012 had approved disinvestment of 9.59 percent paid up equity capital of HCL through the Offer for Sale through Stock Exchange mechanism (OFS).

The floor price was fixed by the Empowered Group of Ministers (EGoM) at Rs.155 per share, CCEA informed.

"A total bid of 5,16,11,858 shares were received. It has been decided to accept the entire number of shares bid for at or above the floor price."

"Thus, approximately 5.58pc of the total paid up share capital of HCL stands divested through this issue. The approximate gross receipts from the issue is Rs. 800 crores," the committee asserted.