Centre raises Rs 3,449 crore from Hindustan Zinc stake sale

NEW DELHI: The Centre has generated Rs 3,449 crore by selling approximately 1.6 per cent stake through offer-for-sale in Hindustan Zinc Ltd.
Government, during the two-day OFS on November 6-7, offered to sell more than 5.28 crore shares, or 1.25 per cent stake, with an option to keep additional subscriptions of equal quantity.
Institutional investors submitted bids for nearly Rs 3,400 crore shares, approximately 1.58 per cent stake, on November 6, the first day of share sale. However, the response from retail investors remained subdued on November 7.
Prior to the OFS, the Centre held 29.54 per cent stake in HZL, making it the largest minority shareholder in the Vedanta Group enterprise.
In the ongoing fiscal year, the administration has accumulated Rs 8,625 crore through minority stake sales. This comprises Rs 2,346 crore from GIC’s OFS and Rs 2,015 crore from Cochin Shipyard. Additionally, Rs 815 crore was obtained through SUUTI remittances.