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%.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
