Shares of Hindustan Zinc dropped nearly 8% in early trade on August 16 as the company’s Offer for Sale (OFS) opened for subscription. The OFS is being conducted by promoter Vedanta Ltd, which aims to divest a 3.17% stake in the company.
Key Details:
- OFS Period: August 16-19
- Stake on Offer: 3.17% of Hindustan Zinc’s equity
- Floor Price: ₹486 per share (15% discount from the previous closing price)
- Base Offer: 1.22% stake
- Additional Offer: 1.95% stake if oversubscribed
Market Reaction:
- Hindustan Zinc Shares: At 09:23 AM, the shares were trading at ₹532.85 on the NSE, reflecting a significant drop.
- Vedanta Shares: Meanwhile, Vedanta shares were up nearly 2% at ₹427.40.
Investor Information:
- Non-Retail Investors: The OFS opened for them on August 16.
- Retail Investors: The OFS will open for them on August 19.
Vedanta initially planned to offload a 2.6% equity stake on August 13 but later updated the offer to include a larger stake. According to the latest shareholding data, the government holds a 29.54% stake in Hindustan Zinc, while Vedanta owns 64.92%.
TOPICS:
Hindustan Zinc