Vedanta to sell 26% stake in Hindustan Zinc via OFS
Billionaire Anil Agarwal's Vedanta Limited announced on Tuesday that its board has approved the sale of up to 260 percent stake in Hindustan Zinc via an offer for sale (OFS).
The company is set to sell 11 crore shares or its 26 holding of Hindustan Zinc through the OFS.
Anil Agarwal, Executive Chairman of Vedanta Resources, said, "This divestment is a significant step for Vedanta and will allow us to focus on our core businesses." He added that the company is "confident that Hindustan Zinc will continue to grow and prosper under new ownership."
The government currently holds a 29.54% stake in Hindustan Zinc and has indicated that it may also divest its stake in the future.
Vedanta's OFS is expected to be launched in the coming weeks. The company has appointed Citigroup, HDFC Bank, ICICI Securities and Kotak Mahindra Capital as the book-running lead managers for the OFS.
Hindustan Zinc is a leading zinc-lead producer in India. The company has a market capitalization of over Rs 1 lakh crore.
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