Vedanta Ltd. said on Friday that it plans to exercise the oversubscription option in its current offer for sale of Hindustan Zinc Ltd, which will include an additional 1.21 crore equity shares.
That represents 0.29% of the company's total issued and paid-up equity share capital, supplementing the initial base offer of 5.14 crore equity shares, or 1.22% of the company's total equity share capital, according to the statement to the exchanges. The overall offer size will, therefore, increase to 6.36 crore shares or 1.51% stake.
Additionally, 63,60,590 equity shares, or 10% of the offer, will be reserved for retail investors on Aug. 19.
Vedanta on Wednesday approved a 13.37-crore share sale of Hindustan Zinc via an offer for sale, representing a 3.17% stake. The floor price for the offer for sale is set at Rs 486 per share and will be open from Aug. 16 to Aug. 19, according to a notice on the BSE. Vedanta held a 64.92% stake in Hindustan Zinc as of June.
Earlier, the Anil Agarwal-owned Vedanta got a nod from the bourses to demerge its aluminum, oil and gas, power, steel and metal businesses into separate listed entities.
The demerger will assist in simplifying the company's corporate structure by creating independent business. It will also allow foreign investors to infuse money directly in these pure-play companies, boosting the country's economic growth.
Shares of Vedanta closed 2.21% higher at Rs 428.95 apiece on the BSE, compared to a 1.68% rise in the benchmark Sensex.
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