Hindustan Copper sale bags Rs 808 cr

Hindustan Copper share over-subscribed

"We went to the market with 4 per cent and got bid for 5.58 per cent. I don't think it can be considered as failure.

I think I should be considered as good success keeping in view the market conditions...(and) shares are illiquid," Khan told reporters.

Company INFO More on Hindustan Copper Ltd

Stocks More on Hindustan Copper Ltd

"A total bid for 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 5.58 per cent of the total paid up share capital of HCL stands divested through this issue," the official statement said.

The Hindustan Copper issue is crucial for government as it sets the tone for the government's disinvestment programme of Rs 30,000 crore which it aims to complete in less than five months of the current financial year.

The disinvestment process is important for the government to meet its 5.3 per cent fiscal deficit target, particularly in the face of growing trade deficits.

Chidambaram said, "We will go forward with the disinvestment processes as approved by the CCEA between now and March...I hope that we can collect the targeted Rs 30,000 crore."

Khan said disinvestment of 10 per cent stake in NMDC is likely to take place in first half of the next month.

"NMDC disinvestment should be in the first fortnight of December...They have estimated about Rs 7,000 crore. Let's see," Khan told reporters.

The government has listed out a number of state-run firms for the disinvestment process for the current fiscal which includes NMDC, OIL India, Nalco, NTPC and a clutch of others.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.