The issue attracted bids for over 4.23 crore shares, or 1.08 times, against 3.71 crore shares on offer much before the close of market hours
The government garnered Rs260 crore from stake sale in Hindustan Copper which got subscribed 1.14 times of the shares on offer today.
The issue attracted bids for over 4.23 crore shares, or 1.08 times, against 3.71 crore shares on offer much before the close of market hours, according to data from stock 
exchanges.
The indicative price was at Rs70 apiece, which was also the base price for the share sale.
At this price, the stake sale will fetch the exchequer Rs260 crore.
Soon after the stake sale commenced on the bourses, Hindustan Copper scrip touched a low of Rs70.55, 2.89% lower than previous close on the BSE.
After the close of market hours yesterday, a government panel had cleared the 4.01% stake sale in Hindustan Copper at a base price of Rs70 a share.
The base price was at a discount of 3.65% over the closing price of Rs72.65 apiece.
On the National Stock Exchange, the Hindustan Copper scrip hit a low of Rs70.50, down 2.56% over previous close.
Nearly nine lakh shares of HCL changed hands on both BSE and NSE in trade today.
The government holds 94.01% stake in the PSU. The stake sale would make the company compliant with the minimum 10% public holding norm of market regulator SEBI.
The sale of 4.01% stake, or over 3.71 crore share, is being undertaken through offer for sale (OFS) route.
Axis Capital, ICICI Securities, Kotak Securities, SBICAP Securities and UBS Securities India are acting as brokers for the share sale.
The government had in November last year sold 5.58% stake in Hindustan Copper through OFS route at an average price of Rs156.56 apiece.
The stake sale fetched Rs808 crore to the exchequer.
In September, 2012, the Cabinet had approved 9.5% stake sale in the company. The government had then decided to go ahead with only one tranche of the issue to get a good price from the auction.
Hindustan Copper is the second PSU to hit the market in the current fiscal. Last month, the government had raised Rs568 crore through divesting 9.33% stake in MMTC.
The government plans to raise Rs40,000 crore through disinvestment in 2013-14.
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