Mines Ministry to seek cabinet nod for 20% share sale in HCL

The Mines Ministry today said it will seek Cabinet's approval for its 20 per cent share sale programme for Hindustan Copper Ltd by the end of this fiscal. "Mines Ministry will seek Cabinet nod for 20 per cent share sale proposal in Hindustan Copper Ltd before March 31, 2010," Mines Secretary S S Nair told reporters here. The two-phased share sale programme will see the government selling 10 per cent of its stake in the company and the miner raising fresh equity of the same quantity. Hindustan Copper Ltd (HCL) plans to fund its huge expansion programme by raising fresh equity, Nair said. The first phase of share sale comprising 10 per cent equity would happen in the next financial year, she added. "We are working out the exact quantum of stake the government will sell and the quantum of equity the company will raise in the 10 per cent share sale programme in the first tranche to happen in the next fiscal," she said. The company's shares were trading at Rs 589.20, up 0.70 per cent on the BSE. Based on the share price the miner and the government could mop up an estimated Rs 5,500 crore each.