LIC Reduces Stake In Hindustan Copper, Sells 2.09% For Rs 447 Cr
Following the sale, LIC's ownership in Hindustan Copper has decreased from 8.17 per cent to 6.09 per cent
Life Insurance Corporation of India (LIC) has reduced its stake in Hindustan Copper Ltd (HCL), selling 2.09 per cent of its holdings in the state-owned company for Rs 447 crore.
The transaction was conducted through an open market sale and saw LIC offload a total of 20,162,682 shares at an average price of Rs 221.64 per share.
Following the sale, LIC's ownership in Hindustan Copper has decreased from 8.17 per cent to 6.09 per cent, according to a regulatory filing. The sale was executed over an extended period from September 27, 2023, to August 16, 2024.
Hindustan Copper, which operates under the Ministry of Mines, is the only company in India engaged in copper ore mining. It is also the sole integrated producer of refined copper in the country, holding all the operating mining leases for copper ore.
