Hindustan Copper shares surge 13% on govt stake sale plan

Shares of Hindustan Copper rose more than 13 % on Thursday after the government said it will sell 4% of the paid up equity share capital of the company.

Shares of the company opened lower but later surged by 13.15% to Rs 271 on BSE at 10.18 am IST. It touched an intra-day high of Rs 276.

The government was supposed to divest 9.5% stake in the company, as of now it has proposed 4% .

The Sale shall take place on the separate window of the Stock Exchanges and shall commence on November 23, 2012 at 9.15 a.m. and shall close on the same day at 3.30 p.m. Indian Standard Time ("Trade Date"), the company said in the notification.

Government will announce the floor price for the Offer for sale(OFS) after trading hours today.

Hindustan Copper Limited (HCL), is a public sector enterprise of the Government of India. It has the distinction of being India's only vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal.

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