Now Reading: Govt to divest up to 6% in Hindustan Copper, to raise Rs 3,000 cr
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Govt to divest up to 6% in Hindustan Copper, to raise Rs 3,000 cr
Govt to divest up to 6% in Hindustan Copper, to raise Rs 3,000 cr
The government on Monday announced the offloading of up to 6 per cent of Hindustan Copper Limited (HCL) through an Offer for Sale (OFS), expected to fetch around Rs 3,000 crore. The…
The government on Monday announced the offloading of up to 6 per cent of Hindustan Copper Limited (HCL) through an Offer for Sale (OFS), expected to fetch around Rs 3,000 crore. The floor price has been fixed at Rs 514 per share. Arunish Chawla, Secretary in the Department of Investment and Public Asset Management, said in a social media post that 10 per cent of the offer is reserved for retail investors, with an additional 25,000 shares reserved for eligible employees.
In other corporate news, Tata Consultancy Services has announced a strategic five-year partnership with Porsche AG to enable AI services across Porsche's mobility value chain, and will establish a dedicated AI Mobility Centre of Excellence. IDFC First Bank has priced a $350 million five-year bond issuance, following its maiden $500 million three-year bond issued in August 2026. Axis Bank has announced it will redeem $600 million in Additional Tier 1 notes on September 8, 2026.
Indian Opinion Analysis
The Hindustan Copper OFS is part of the government's ongoing disinvestment programme, which has consistently missed targets in recent years due to market volatility and valuation gaps. The floor price of Rs 514 values the company at roughly Rs 4,600 crore based on its equity. With a 6% stake sale, the government's holding will fall below 67%, though it will still remain the majority owner. The success of the offer will depend on retail and institutional appetite at the set price, especially given copper price fluctuations globally. The bidding will be watched closely as a signal of market sentiment for public sector divestments.
The TCS-Porsche deal marks a significant expansion of TCS's automotive IT footprint in Europe. The proposed acquisition of Porsche's consulting arm MHP, still subject to regulatory approvals, could strengthen TCS's capabilities in the high-end management consulting space.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
