India raises $63 million from Hindustan Copper share sale

copIndia has raised about 4 billion rupees ($62.80 million) by selling a 6.8 percent stake in state-run miner Hindustan Copper Ltd, the Finance Ministry said on Thursday.

The government sold the shares through an auction on the stock exchanges over two days to Thursday. After the sale, its stake in the miner will come down to 76.05 percent, the ministry said.

India aims to raise a total 725 billion rupees through the sale of partial government stakes in state-run and private firms during the year to March 2018, which will contribute to meeting the government’s fiscal deficit target of 3.2 percent of gross domestic product.

Shares in Hindustan Copper closed 4.2 percent lower on Thursday in a Mumbai market that fell 0.67 percent.

Deutsche Bank, Edelweiss, ICICI Securities and SBI Capital Markets were the banks advising on the share sale.

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