LIC reduces stake in Hindustan Copper (Image source: iStockphoto)
Life Insurance Corporation of India (LIC) has sold a 2.09% stake in the state-owned company Hindustan Copper Ltd for Rs 447 crore through an open market transaction. According to a regulatory filing, LIC offloaded 2,016,2682 shares at an average price of Rs 221.64 per share, resulting in a total transaction value of Rs 446.8 crore.
This sale reduces LIC’s stake in Hindustan Copper from 8.17% to 6.09%. The divestment took place between September 27, 2023, and August 16, 2024.
Hindustan Copper Ltd (HCL), operating under the Ministry of Mines, is India’s only copper ore mining company. It holds all copper ore mining leases in the country and is the only integrated producer of refined copper, managing the entire process from mining to refining.
The sale marks a significant step by LIC, reflecting its strategic decision to reduce its stake in the company. Hindustan Copper shares have been active in the market, and this transaction underlines the company’s continued importance in India’s mining and metals sector.
On Monday, Hindustan Copper shares closed at Rs 323.90, up 3.17 per cent from the previous trading session. The stock’s 52-week high and low are Rs 415.80 and Rs 135.10 respectively.
According to BSE analysis, Hindustan Copper shares have generated massive returns of 26.81 per cent in the last 6 months and 129.79 per cent in the last one year.
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