In an interview with ET Now, Mr Shakeel Ahmed CMD of Hindustan Copper Ltd talks about why their FPO was delayed and when is it likely to hit the market.

Q - While the IPO or rather FPO has been delayed to next year, could you give us a ballpark time line as to when would it hit the markets?

A - No, I will not be able to comment on the timeline as it will be decided by the Government of India, that means the Department of Disinvestment in consultation with the Ministry of Mines , and you must be aware that in any case we are not expected to share the timeline with the media. So it would not be possible for me to comment on that.

Q - But what we are trying to understand is whether or not it is going to be in the first quarter of the next calendar year. Is it going to be in the first half of the next year or the later half? How long is going to be the delay?

A - I can only say that we are in readiness and as soon as the government considers it appropriate, we should be hitting the market.

Q - What has caused this delay and what is your sense that you are getting from the government about how perhaps this issue will be taken forward?

A - One reason was that in the first fortnight of December when we were originally scheduled for hitting the market, there were issues like MOIL and Shipping Corporation and their refund would not have come to the investors. So this is one of the reasons why it could not happen in the first fortnight of December and second fortnight in any case is not conducive to foreign investors. So that is the reason why it was delayed.

To read more about the interview please visit www.steelguru.com