Vedanta Ltd. saw its shares rise by over 2% after the company announced an increase in the size of its Offer for Sale (OFS) for shares in its subsidiary, Hindustan Zinc Ltd.
Key Details:
- Offer for Sale (OFS) Size Increased: Vedanta has decided to sell 13.37 crore shares of Hindustan Zinc Ltd., representing 3.17% of the total equity. This is an increase from the initially planned 11 crore shares or 2.6% equity.
- Floor Price Set: The floor price for the OFS has been set at ₹486 per share. This price is at a 15% discount to Hindustan Zinc’s closing price on Wednesday.
- Expected Revenue: At the set floor price, the sale of 13.37 crore shares could fetch Vedanta approximately ₹6,500 crore.
- OFS Timelines:
- The Offer for Sale will open for non-retail investors on August 16 and close on August 19.
- Retail investors can participate on August 19.
- Share Performance: As of 9:20 am, Vedanta shares were trading 2.17% higher at ₹429.30.
