The Government has managed to divest 4 per cent stake in Hindustan Copper through the offer-for-sale route. Against an offer of 3.70 crore shares, it received bids for 3.89 crore shraes. Till 3.25 p.m, 3.4 crore shares were bid for. Thanks to the last minute aggressive bidding, the issue was fully subscribed.

With an indicative price of Rs 156.83, the Government will raise about Rs 610 crore. Had the issue received a stronger response with bids for the remaining 5.17 crore shares under the greenshoe option, the Govenrment would have raised over Rs 1,300 crore.

The Government, which intended to sell 8.87 crore shares (with greenshoe option), kept the floor price at Rs 155, at a huge discount of 42 per cent to Thursday's closing price.

The steep discount led to a sharp fall in the share price in the secondary market on Friday. Hindustan Copper shares closed at Rs 213.05 a piece, down 20 per cent over the previous day's close.

Blue Dart, Tara Jewels

However, Blue Dart Express OFS managed to garner bids for 20,90,445 shares against the offer of 14,31,937 shares.

Blue Dart Express' offer-for-sale floor price was set at Rs 1,720 a share. DHL Express (Singapore) Pte Ltd, promoter of Blue Dart Express offered the shares to meet market regulator SEBI's minimum public share holding criteria of 25 per cent. The stock closed 3.09 per cent or Rs 63.45 lower at Rs 1,993.15 on the BSE.

Tara Jewels, whose public issue closed today, recieved bids for 93,70,200 shares against an offer 68,18,832, which translates to about 1.4 times. Tara Jewels set the price band at Rs 225-230.

The jewellery maker has given more than 11.58 lakh shares to anchor investors -- Universities Superannuation Scheme Ltd and D B International Asia Ltd -- at a price of Rs 230 per piece.

The company hoped to raise about Rs 180 crore through the public issue.

>badrinarayanan.ks@thehindu.co.in

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