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The President of India, acting through and represented by the Ministry of Mines, Government of India has sold a 5.6 per cent stake in Hindustan Copper Limited (HCL) for Rs. 808 crore ($145 million) as part of its disinvestment programme for the current fiscal.
Amarchand Mangaldas acted as the sole transaction counsel to the deal with a team led by Partner Prashant Gupta along with Principal Associate Aarti Joshi, Senior Associate Agnik Bhattacharyya and Associate Rohan Sharda.
Prior to the transaction, the Seller held 99.59% stake in HCL. For achieving the mandated minimum public shareholding threshold of 10% through sell down in tranches, the Seller has now sold 5.6% stake as a part of the first tranche, according to Amarchand press release.
The sale was conducted through the ‘offer for sale’ (OFS) mechanism on the floors of BSE and NSE.
The other advisors included UBS Securities, Axis Capital, Kotak Securities, SBICAP Securities and ICICI Securities.