Hindustan Copper

Hind Copper FPO Mandate keeps 9 banks interested

Hind Copper FPO Mandate keeps 9 banks interested

9 companies have expressed their interest in managing the follow on public offer of Hindustan Copper, according to the managing director and chairman of the firm Shakeel Ahmed. The FPO is being planned towards September or October this year and the company is expected to finalize the names by the end of the month. The banks which are keen to participate in this fund raising program include Kotak, SBI Capital Markets, UBS, IDBI, IDZFC-SSKI, DSP Merrill Lynch, Enam and Avendus Capital.

Govt. approves 10% disinvestment in Coal India, Hindustan Copper

Govt. approves 10% disinvestment in Coal India, Hindustan Copper

The government has informed that it has approved the 10% equity disinvestment in mining companies Coal India Ltd. and Hindustan Copper Ltd. The Cabinet Committee of Economic Affairs had a meeting yesterday and over there it has been decided that the government will approve this disinvestment.

After the CCEA meeting Home Minister, Mr. P. Chidambaram has conducted a press meet in which he has informed this fact. He has said that the through book building process in the domestic market, the disinvestment of Coal India Ltd. will be done.

Coal India and Hindustan Copper to be divested

Coal India and Hindustan Copper to be divested

On Tuesday, the government gave its nod for the disinvestment of 10 per cent stake in Coal India, while for Hindustan Copper the idea is to issue 10 per cent fresh equity. Both are state-run companies and their disinvestment is part of the plan followed by government to go ahead with the process.

The money thus raised, said sources, will be used as capital expenditure for various purposes. The approval was given by the Cabinet Committee on Economic Affairs in its meeting. It was presided over by the Prime Minister, Manmohan Singh.

CIL, HCL sell off decision postponed to next week

CIL, HCL sell off decision postponed to next week

After the decision based on the disinvestment in coal India and HCL deferred by the union cabinet, the government plans now on taking a call on the stake sale as proposed sometime next week.

The minister of mines, B K Handique said that the stake sale proposals have been deferred by the cabinet in coal India and Hindustan copper but it plans on taking a 20% stake sale decision in HCL sometime next week.

Hindustan Copper net profit touches Rs 91.74 crore

Hindustan Copper net profit touches Rs 91.74 crore

State-own and run Hindustan Copper has announced its fourth quarter financial results for the fiscal year 2009-10 and has managed to post a robust net profit in this quarter.

The company has registered a net profit of Rs 91.74 crore for the quarter that ended on 31st March, 2010. It was reported to be Rs 3.78 crore for the same quarter last year.

The net profit figure has grown up by a robust 26 times as compared to the same quarter in the preceding year.

Mines Ministry may Seek Government’s Approval for the Share Sales in Hindustan Copper

The mines ministry may look for Government approval during the coming week for its 20 percent sale of shares in Hindustan Copper Ltd., Press Trust of India says.

The ministry accepted the decision to sell 10% of the Government’s share in a public offer and increasing capital by diluting other 10% stake via a follow on offer.

Hindustan Copper Ltd. (HCL) has decided to finance its vast expansion programme by increasing new equity.