business π Hindustan Copper's 'Green Shoe' is not what it seems π§
The government decided to exercise the entire green shoe option for Hindustan Copper, aiming to raise nearly βΉ3,000 crore. This sale involves the government of India and concerns Hindustan Copper. The plan was to sell 3% initially, but high demand led to the decision. Technically, the term 'green shoe' refers to an IPO price stabilization mechanism, which doesn't apply here. The company's Q1 FY27 net profit jumped 163% to βΉ353 crore, driven by global copper prices.