Hindustan Copper FPO : Likely by November 2010

by khalid on 15/08/2010 · 0 comments

Hindustan Copper Ltd. (HCL) was incorporated on 9th November 1967. It is a Public Sector Enterprise under the Ministry of Mines, Government of India. The Follow On Public Offer (FPO) of Hindustan Copper Ltd is likely to open by November 2010. Earlier it was expected in Sep-Oct 2010 but now company wants to hit the market at least three weeks after the closure of the proposed initial public offering of Coal India Ltd. So it will go to November 2010 most probably. Coal India issue is the biggest IPO this year so a breathing space would requir for investors after the Coal India issue. Post-disinvestment, the public float would be 18.45%, while the government’s holding would be 81.55%. The Government gudelines has made it mandatory to float 25% to the public in all listed companies. So the remaining 6.55% will be diluted afterwords and not yet has been decided.

The proceeds of the FPO would be used to increase its mining capacity from the present 3.2 million tonnes annually to 12 million tonnes in the next five-six years, and it has envisaged a capital investment of Rs 4,580 crore for this expansion.

Share’s Data :
BSE Code : 513599
Mkt. Cap: Rs 41,874.55 Crores
Hindustan Copper Ltd. share’s CMP is Rs 452.60 on 13th Aug 2010.

Source : BelltheBull

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