On Monday, State-run Hindustan Copper (HCL) commenced discussions with merchant banks for managing its follow-on public offer (FPO), which is cautiously scheduled for September–October.
Nine investment banks have put in bids for managing the FPO of the miner including domestic players such as SBI Capital Markets, ICICI Securities, IDBI Capital Market and IDFC Capital and two foreign banks DSP Merill Lynch and UBS Securities in a consortium with SMC Capitals.
HCL has also started the process for assigning the legal advisors. The Cabinet Committee on Economic Affairs prior to this month approved a 10% divestment in the company along with a fresh issue of 10% equity.
Post-disinvestment, the public float would be 18.45% whereas the government’s holding would be 81.55%.
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