Vedanta Approves Increase In Stake Sale Of Hindustan Zinc Via OFS
Vedanta Ltd. on Wednesday approved an increase in the stake sale of Hindustan Zinc Ltd. from 11 crore shares to 13.37 crore shares. The sale of 13.37 crore shares via an offer for sale represents a 3.17% stake in Hindustan Zinc, according to an exchange filing on Wednesday.
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.
The metal producer's net profit rose 54% year-on-year to Rs 5,095 crore for the April–June period. Analysts tracked by Bloomberg estimated the net profit at Rs 2,353 crore.
Shares of Vedanta closed 1.31% lower at Rs 572.95 apiece on the BSE, compared to a 0.19% rise in the benchmark Sensex.
-
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.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
