State-run Hindustan Copper 's share sale continued to get subdued response in the bourses today with bids worth Rs 31.40 crore received in the first three hours as against an overall target of up to Rs 1,376 crore. The offer for sale of Hindustan Copper shares, which started at 9.15 am, had received a total bids for 20,25,835 shares or 2.28 per cent of the total offer, which are worth Rs 31.40 crore at the floor price of Rs 155 per share, till 13.15 pm. The bidding for shares may gain momentum later in the day, according to experts. The bidding would continue till 3.30 pm today after which the final price and allocation would be determined. A heavy discount in floor price led to a sharp fall in the share price of the company in the secondary market which was trading at Rs 217.80 apiece at around 1.30 pm, down 18.21 per cent over the previous closing. The government, which has fixed the floor price at Rs 155 per share, plans to sell up to 9.59 per cent or 8.87 crore shares of its 99.59 per cent stake through the offer for sale route. Out of this, the government is seeking to sell a minimum four per cent stake which can go up 9.59 per cent depending on the investors' response. If fully subscribed, the 9.59 per cent stake in HCL can fetch up to Rs 1,376 crore to the cash-pressed exchequer. The HCL public offer will set the tone for the Rs 30,000 crore disinvestment programme of the government for the current fiscal. HCL has reserved 25 per cent of the issue for mutual funds and insurance companies. Other issues expected to hit the market in the near future are NMDC and Oil India .

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