Vedanta Ltd.’s committee of directors has approved the sale of 1.59% stake in Hindustan Zinc Ltd. The stake sale will take place through an offer for sale, as per an exchange filing on Tuesday.
The mining major’s board has approved the sale of 6.7 crore paid-up equity shares in Hindustan Zinc through the OFS.
In a separate filing, HZL said that the floor price for Vedanta’s OFS is Rs 685 per share. The OFS will take place over two days on a separate window of the stock exchanges on Jan. 28 and Jan. 29 from 9:15 a.m. to 3:30 p.m.
The filing further informed that only non-retail investors will be allowed to place their bids on the first day, while retail Investors will be allowed to place their bids on the second day.
Further, the filing stated that those non-retail investors who have placed their bids on T day or Jan. 28, and have chosen to carry forward their unallotted bids to T + 1 day (Jan. 29), will be allowed to bid in the unsubscribed portion of retail category.
Vedanta Group firm Hindustan Zinc is the world’s largest integrated zinc producer and amongst the top five silver producers globally. The company supplies to more than 40 countries and holds a market share of about 77% of the primary zinc market in the country.
Shares of Hindustan Zinc have rallied 60% in the last two months, on the back of silver price surge in the global markets. At close on Tuesday, the stock settled 4% higher at Rs 726.50 apiece.
Q3 FY26 Highlights
Hindustan Zinc reported a sharp expansion in net profit and operating margin in the third quarter of the current financial year amid a boom in silver prices and demand.
Consolidated revenue from operations jumped 28% sequentially to the highest-ever quarterly income of Rs 10,980 crore in the October-December quarter. Net profit jumped 48% to Rs 3,916 crore from Rs 2,649 crore in the preceding quarter.
