Hindustan Copper share sale price fixed at 155 rupees/share - sources
MUMBAI (Reuters) - The base price for sale of the government's 4 percent stake in state-run Hindustan Copper Ltd(HCPR.NS) has been fixed at 155 rupees a share, two sources with direct knowledge of the matter said on Thursday.
The share sale, to be launched on Friday, will raise 5.74 billion rupees at the floor price. Shares in Hindustan Copper ended 11.3 percent higher on Thursday at 266.15 rupees.
The government, which owns 99.6 percent of Hindustan Copper, said on Wednesday it would sell a 4 percent stake in the company through auction of shares.
The government aims to raise 300 billion rupees through share sales in state-run companies in the current fiscal year that ends in March, but has thus far drawn a blank as weak market conditions have deterred public issues or auctions. (Reporting by Sumeet Chatterjee; Editing by Prateek Chatterjee)
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As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article