Government To Divest Up To 2.5% Stake In Hindustan Zinc Via Offer For Sale
The Ministry of Mines has announced plans to offload up to a 2.5% stake in Hindustan Zinc Ltd. through an offer for sale.
The offer will open for non-retail investors on Nov. 6 and for retail investors on Nov. 7.
The floor price for the OFS has been set at Rs 505 per share, indicating a 9.8% discount to Tuesday's close, according to an exchange filing on Tuesday.
As the promoter of Hindustan Zinc, the government will sell up to 5.28 crore equity shares of a face value of Rs 2 each for a base offer of 1.25%, the company's exchange filing stated.
The OFS includes a base offer of 1.25% stake, with a greenshoe option of an additional 1.25% share.
In case the oversubscription option is not exercised, the equity shares forming part of the base offer size will hereinafter be referred to as offer shares through a separate, designated window of BSE Ltd. and the NSE Ltd.
The offer will be undertaken exclusively through the seller's brokers named below on a separate window provided by the stock exchange for this purpose.
Brokers on behalf of the seller include Axis Capital Ltd., IIFL Securities Ltd., HDFC Securities Ltd., and ICICI Securities Ltd., while IIFL Securities Ltd. will also act as a settlement broker.
Shares of Hindustan Zinc closed 2.91% higher to Rs 559.65 apiece, compared to a 0.90% advance at the benchmark NSE Nifty 50.
It has risen 87.11% in the last 12 months and 75.96% on a year-to-date basis. The total traded volume in the day stood at 2.60 times its 30-day average. The relative strength index was at 60.83.
One out of the 12 analysts tracking the company has a "buy" rating on the stock, two recommend a "hold," and nine suggest a "sell," according to the Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 26.9%.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
