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Vedanta to offload 2.6% stake in Hindustan Zinc via OFS

14 Aug 2024 , 10:13 AM

Vedanta plans to sell 11 Crore shares, or 2.6% of its holding in Hindustan Zinc, through an offer for sale (OFS), the billionaire Anil Agarwal-led mining firm stated in an exchange filing on Tuesday, August 13, 2024.

At the current market price of ₹586, the OFS deal will be worth ₹6,400 Crore.

At the conclusion of the June quarter, Vedanta owned 64.92% stake in Hindustan Zinc, the majority of which was pledged. Vedanta recently sold around 4% of the committed ownership using proceeds from its institutional share sale. The government holds a 29.54% share in the Vedanta-owned corporation.

According to an earlier report, the government is reviewing plans for an OFS in Hindustan Zinc and intends to divest its ownership in tranches.

The government previously planned to sell a portion of its ownership in Hindustan Zinc by the end of the fiscal year 2023, but was unable to do so due to different litigations, according to the article.

In Q1FY25, Vedanta’s revenue increased by 6% to ₹35,764 Crore, while EBITDA increased by 55% to ₹9,945 Crore. However, Vedanta’s net profit for the period decreased 5% to ₹3,150 Crore.

At around 10.06 AM, Vedanta was trading 0.78% higher at ₹425.65, against the previous close of ₹422.35 on NSE. The counter touched an intraday high and low of ₹428.50, and ₹421.50, respectively.

On the other hand, Hindustan Zinc was trading 2.28% lower at ₹566.80, against the previous close of ₹580 on NSE.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Hindustan Zinc
  • Hindustan Zinc news
  • Vedanta
  • Vedanta news
  • Vedanta OFS
  • Vedanta share price
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