The government has sold 64.77 million shares in Hindustan Copper for roughly ₹4 billion (US$60 million) in an offer for sale on the Indian stock exchanges, pursuant to Regulation S and Rule 144A under the US Securities Act. The shares sold represent 7% of the outstanding shares in Hindustan Copper and reduce the government’s shareholding to 82.95%.
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Duane Morris & Selvam, led by Jamie Benson, the head of the firm’s India practice and US securities practice, was the US legal counsel to the Ministry of Mines.
Cyril Amarchand Mangaldas was the ministry’s Indian legal counsel.
Shardul Amarchand Mangaldas & Co acted as Indian legal counsel to the brokers – SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities India.
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