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The Department of Disinvestment has planned to wrap up Hindustan Copper Ltd’s share sale auction in the second half of November. According to Government sources, merchant bankers wanted to conduct a few domestic road shows before the auction.
As the road shows cannot take place without sharing latest performance and financial data with the prospective investors, it has been decided that those could be organised in the second week.
“This plan is in tandem with HCL’s schedule for its board approval of July-September quarterly results on November 5,” said a senior Mines Ministry official.
Board meeting
Sources in the merchant banking circles told Business Line that at least two road shows — one in Mumbai and the other in Chennai — would be organised some time after the board meeting.
Merchant bankers said it was important to feel the receptivity of the market for offloading around 9.5 per cent stake in the Government-owned company.
The Government engaged five merchant bankers are ICICI Securities, UBS Securities, Kotak Mahindra Capital, SBI Capital and Enam Securities.
The process is to generate inputs that would help the Empowered Group of Ministers to set the floor price for the one-day auction at the exchanges.
On Wednesday, the Rs 5-paid HCL stock closed 0.83 per cent higher at Rs 250.20 on the BSE.
jayanta.mallick@thehindu.co.in
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