Hind Copper sets base price for stake sale at Rs155 a share
22 Nov 2012
State-run Hindustan Copper Ltd (HCL) has set a base price of Rs155 a share for the sale of 4 per cent government equity in the company, reports quoting sources in the divestment department said.
"The sale will take place on the separate window of the stock exchanges and shall commence on 23 November at 9.15 am and shall close on the same day at 3.30 pm," HCL said in a filing with the Bombay Stock Exchange (BSE).
The government owns 99.5 per cent of Hindustan Copper and the sale of a four per cent stake will still leave the government with 95.5 per cent equity stake in the company.
Hindustan Copper is a fully integrated company, which owns all the copper mining leases in the country.
During the financial year 2011-12, Hindustan Copper Limited maintained its growth momentum and achieved top line growth of 28 per cent. The company also recorded best ever profit before tax of Rs472.92 crore during the year.
The company reported a 5 per cent year-on-year increase in its fiscal second quarter income at Rs283.29 crore, but net profit for the quarter declined by over 6 per cent to Rs43.70 crore, due mainly to higher depreciation charges.