Vedanta's Hindustan Zinc Ltd Offer for Sale Oversubscribed on Day 1

Vedanta group's Offer for Sale of Hindustan Zinc Ltd received overwhelming response on its first day, with non-retail investors bidding for 6.3 crore shares. The offer was oversubscribed at 1.23 times with bids at Rs 494.54 per share. The company intends to use the proceeds for debt reduction and investment in growth projects.

The Offer for Sale of Hindustan Zinc Ltd by Vedanta Group received robust participation on its first day, as indicated by the regulatory filing. Non-retail investors put in bids for 6.3 crore shares.

According to BSE data, a total of 6,36,05,891 equity shares were bid against 5,14,40,329 shares on offer, signifying an over-subscription rate of 1.23 times. The shares were bid at Rs 494.54 each, surpassing the floor price of Rs 486 per share.

Vedanta had announced it would sell up to 5,14,40,329 equity shares to non-retail investors on August 16, with an additional option of 8,23,04,527 equity shares to be made available for over-subscription. The proceeds from this sale are aimed at deleveraging and funding growth projects.