InvestorQ : Is the government planning to hive off its stake in Hindustan Zinc shortly?
sarah Leo made post

Is the government planning to hive off its stake in Hindustan Zinc shortly?

Answer
image
Rashi Mehra answered.
2 months ago
Follow

The government of India has already shortlisted 5 investment bankers for the sale of its residual stake in Hindustan Zinc. While there is no official word from Hindustan Zinc, market reports suggest that the five shortlisted investment banks are IIFL Securities, I-Sec, Axis Capital, Citigroup and HDFC Bank. The central government currently holds 29.53% stake in HZL and will offload the entire stake in tranches.

DIPAM had invited bids for the sale of HZL stake in early July this year. Vedanta, of the Anil Agarwal group, holds 64.92% in HZL, government holds 29.53% and public holds the balance 5.5%. The stake sale will entail offloading 124.9 crore shares and is expected to fetch the government Rs36,000 crore. This is likely to give a boost to the disinvestment collections for the FY23 period.

5 Views