Shares of Hindustan Copper slumped as much as six percent on Thursday after the floor price for the company’s offer for sale was set at Rs 116 per share - a near seven percent discount to Wednesday’s closing price.

Share Market Live

NSE

At 09:51 am, the stock was trading five percent lower at Rs 118.25 on the BSE.

Also Read |

Hindustan Copper Q1 net profit rises 54% to Rs 46 cr

The stock has been falling for the last two days and has declined more than six percent during the period.

In the past year, the stock has gained 225 percent as compared to Nifty Metal that surged 144 percent during the same period.

Also Read | Expect 5-8% correction in metals: Nirmal Bang Commodities

The offer for sale shall take place on a separate window of the stock exchanges on September 16 and 17, the copper producer said in a regulatory filing.

For non-retail investors, the offer for sale will be open on September 16 and for retail investors on September 17.

Also Read | Copper price down over 10% from peak; demand from infra, railways picking: KEI Industries

The promoter proposes to sell 48,351,201 equity shares representing five percent of the total issued and paid-up equity share capital of Hindustan Copper. There is an option to additionally sell 48,351,201 equity shares through a separate, designated window of the BSE and NSE, collectively representing 10 percent of the total issued and paid-up equity share capital of the company, the filing stated.

The President Of India is the promoter of the copper-producing company and held 72.76 percent stake in the company as of June-end.

Catch LIVE market updates here.