Institutional investors on Tuesday oversubscribed the over 6 per cent stake sale in Hindustan Copper, putting in bids worth over Rs 3,700 crore.

As against 2.61 crore shares reserved for them, institutional investors put in bids for over 7.09 crore shares, oversubscribing the issue 240 per cent as on 3:10 PM. Bidding will continue till 3:30 PM.

At an indicative price of Rs 517.46/share, the bids are valued at over Rs 3,700 crore.

The government is selling over 5.80 crore shares or up to 6 per cent stake in Hindustan Copper through a two-day Offer-for-Sale (OFS) at a floor price of Rs 514/ share. The OFS willl open for retail buyers on Wednesday.

The floor price was set at 10.38 per cent discount over Monday’s closing share price.

On Tuesday, Hindustan Copper shares fell 7.24 per cent to Rs 532 apiece on BSE.

The government currently has a 66.14 per cent equity holding in Hindustan Copper.

So far in the current fiscal, the government has mopped up Rs 52,716 crore through PSU disinvestment.