Vedanta Ltd. is set to pare its shareholding in Hindustan Zinc Ltd. on Wednesday by offering shares in the secondary market for Rs 3,018 crore.
The parent company has offered to sell up to 6.67 crore shares or 1.6% equity via a block deal mechanism, according to the term sheet accessed by NDTV Profit.
The floor price for the Hindustan Zinc block deal is set at Rs 452.2 apiece, a 7% discount to Tuesday's closing on the NSE.
The residual stake of Vedanta will have a lock-up period of 90 days.
The Anil Agarwal-led company held a 63.42% equity in the zinc and silver producer as of March, according to shareholding data on the BSE.
Last year, it offloaded a 1.51% stake through an offer for sale.
Shares of Vedanta closed 0.63% lower at Rs 461 while Hindustan Zinc settled 3.38% lower at Rs 485.95 apiece on the NSE, compared to a 0.37% decline in the benchmark Nifty.
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