ManagementGovt may divest stake in Hindustan Copper
Mines minister B K Handique today said the government is considering divesting its stake in copper producer Hindustan Copper.
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"Finance Ministry has written us regarding disinvestment in Hindustan Copper. Now the board of Hindustan Copper is considering the proposal," Handique told reporters here.
Hindustan Copper board is likely to come out with the proposal in the next two months, the company"s CMD M Samajpati said.The company may also issue fresh equity along with the government"s stake sale. The company said it plans to use the money to part finance its expansion projects.
Hindustan Copper is revamping its operations and has outlined a capex of Rs 45 crore for the current fiscal.
In the last fiscal, the company produced 38,000 tonnes of concentrated copper.
Hindustan Copper is listed on the Bombay Stock Exchange(BSE). At the end of September quarter, the government held a 99.59 per cent stake in the company.Shares of Hindustan Copper surged 10 per cent to hit its upper trading limit of Rs 255.50 on the BSE.