Vedanta Set to Offload 3.31% Stake in Hindustan Zinc

Vedanta is set to offload 3.31% stake in Hindustan Zinc Ltd (HZL) via an offer for sale from August 16-19. The floor price is Rs 486 per share, substantially below Wednesday's closing price. This move aligns with Vedanta's strategy to access funds for growth, expansion, and capital structure optimization.

Mining conglomerate Vedanta is set to offload a 3.31% stake in Hindustan Zinc Ltd (HZL) through an offer for sale (OFS) from August 16-19 at a floor price of Rs 486 per share, according to a regulatory filing.

The promoter firm of HZL, Vedanta, announced that its board has approved selling up to 14 crore equity shares, representing the 3.31% stake, through the OFS. A separate filing by Hindustan Zinc revealed that Vedanta plans to offload 13.37 crore shares, or 3.17% of equity, at the same floor price.

This sale is expected to generate Rs 6,498 crore at the floor price. The OFS will be open on August 16 for non-retail investors and on August 19 for retail investors and non-retail investors opting to carry forward unallotted bids. Vedanta aims to use the funds for growth, expansion, and optimizing the capital structure.