Hind Copper OFS: LIC buys big chunk

Life Insurance Corporation of India has acquired the bulk of shares of Hindustan Copper sold by the Centre through an offer for sale. In a disclosure to the stock exchanges, HCL on Monday said that LIC has bought 2.53 crore shares and increased its stake in the company to 14.98 per cent. According to June 2021 shareholding pattern, LIC was holding 10.64 per cent in Hindustan Copper. The Union Government last week came out with an OFS to sell 10 per cent stake, including a greenshoe option. The HCL stock crashed 5 per cent to ₹110.85 on the BSE on Monday.