Hindustan Copper has filed initial papers with the market regulator- Securities and Exchange Board of India (SEBI) for a follow-on public offer that could fetch up to $1.8 billion at Monday's closing price.
The company will offer around 184 million shares that constitute 18.08 per cent of the post-issue equity, through a book-building process, it said in a statement yesterday.
Up to 50% of the Issue shall be allocated on a proportionate basis to qualified institutional buyers, not less than 15% of the Issue shall be available for allocation on a proportionate basis to non- institutional bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to retail bidders.
Meanwhile, a discount of up to 5% of the Issue Price determined pursuant to completion of the Book Building Process may be offered to Eligible Employees and to Retail Bidders.
The book running lead managers to the issue are ICICI Securities, Enam Securities, Kotak Mahindra Capital Co, SBI Capital Markets and UBS Securities India.
Hindustan Copper Limited (HCL), a public sector undertaking under the administrative control of the Ministry of Mines, was incorporated on 9th November 1967. It has the distinction of being the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products. The Company markets copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid.
More than 90% of the sales revenue is from cathode and continuous cast copper rods.
The company will offer around 184 million shares that constitute 18.08 per cent of the post-issue equity, through a book-building process, it said in a statement yesterday.
Up to 50% of the Issue shall be allocated on a proportionate basis to qualified institutional buyers, not less than 15% of the Issue shall be available for allocation on a proportionate basis to non- institutional bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to retail bidders.
Meanwhile, a discount of up to 5% of the Issue Price determined pursuant to completion of the Book Building Process may be offered to Eligible Employees and to Retail Bidders.
The book running lead managers to the issue are ICICI Securities, Enam Securities, Kotak Mahindra Capital Co, SBI Capital Markets and UBS Securities India.
Hindustan Copper Limited (HCL), a public sector undertaking under the administrative control of the Ministry of Mines, was incorporated on 9th November 1967. It has the distinction of being the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products. The Company markets copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid.
More than 90% of the sales revenue is from cathode and continuous cast copper rods.
Comments
Post a Comment