With the market showing some signs of recovery following renewed investor appetite, the government is working to push through the follow-on public offering (IPO) of Hindustan Copper Ltd. (HCL) in this quarter itself after the stake sale of Rashtriya Ispat Nigam Ltd. (RINL) is completed to mark a beginning in mop-up of Rs.30,000 crore through disinvestment as targeted for the current fiscal. “This quarter [July-September], RINL and Hindustan Copper [IPOs] may come,” Disinvestment Secretary Mohammad Haleem Khan told newspersons here on Friday.
Already, the Department of Disinvestment (DoD) under the Ministry of Finance is working on a 10 per cent IPO of RINL, and for which road shows have been launched. The stake sale is expected to result in a mop-up of about Rs.2,500 crore. Subsequently, as per a note prepared by the DoD, the government is looking at a similar sell-off of 10 per cent of its equity in HCL in which it has a shareholding of 99.59 per cent to rake in about Rs.2,000 crore.
