Vedanta raises OFS in Hindustan Zinc

New Delhi: Mining conglomerate Vedanta on Wednesday said it has raised the offer-for-sale size of Hindustan Zinc and will now offload 3.31 per cent stake in the company, representing up to 14 crore shares. On Tuesday, the Vedanta board approved the sale of up to 11 crore shares or 2.60 per cent stake in Hindustan Zinc through offer-for-sale (OFS).

“The duly authorised Committee of Directors of Vedanta Ltd , at its meeting held on August 14, 2024, has approved the sale of up to 14,00,00,000 equity shares of Hindustan Zinc Ltd (HZL), representing 3.31 per cent of the issued and paid-up equity share capital of HZL, by way of an offer-for-sale,” Vedanta said in a filing to BSE.

At Wednesday’s closing price of Rs572.95 apiece on BSE, the sale of HZL’s 14 crore shares will fetch Vedanta Rs8,021 crore. At 11 crore shares, the amount would have been Rs6,302 crore.