Copper mining major Hindustan Copper said that it does not require fresh equity through the proposed follow on public offer to support its mining expansion plans.

Mr Shakeel Ahmed CMD of Hindustan Copper on the sidelines of the company's annual general meeting said that "The company does not require fresh equity to support its mining expansion plans. Accordingly, it has informed the ministry of mines that the disinvestment cum issue of fresh equity, which had been approved by the cabinet in June 2010, is being revised.”

He added that "Now only a disinvestment of 10% government of India holding will be made through the FPO.”

He said it was likely that all the processes for the FPO would be in place in the next two months, but the disinvestment department would decide the exact timing.

The state owned company revised its decision to raise fresh equity through FPO as it has decided to fund its expansion plans through internal accruals.

(Sourced from IANS)