Government Raises Rs 400 Crore From Hindustan Copper Share Sale

After the sale, the government's stake in Hindustan Copper will come down to 76.05 per cent.

Mumbai: India has raised about Rs 400 crore ($62.80 million) by selling a 6.8 per cent stake in state-run miner Hindustan Copper Ltd, the Finance Ministry said on Thursday.

The government sold the shares through an auction on the stock exchanges over two days to Thursday. After the sale, its stake in the miner will come down to 76.05 per cent, the ministry said.

India aims to raise a total Rs 72,500 crore through the sale of partial government stakes in state-run and private firms during the year to March 2018, which will contribute to meeting the government's fiscal deficit target of 3.2 per cent of gross domestic product.

Shares in Hindustan Copper closed 4.2 per cent lower on Thursday in a Mumbai market that fell 0.67 per cent.

Deutsche Bank, Edelweiss, ICICI Securities and SBI Capital Markets were the banks advising on the share sale.

($1 = Rs 63.6950)

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)