Vedanta to offload 2.6% stake in Hindustan Zinc

NEW DELHI: Anil Agarwal-led Vedanta Limited announced on Tuesday the sale of up to 11 crore equity shares of Hindustan Zinc Limited (HZL), representing 2.6% of HZL’s equity share capital. The sale will be conducted through an offer for sale (OFS) mechanism on the stock exchange, in accordance with applicable laws and regulations. The date of the OFS has not yet been announced.

“Committee of Directors of Vedanta, at its meeting held today on August 13, 2024, has approved the sale of upto 11,00,00,000 equity shares of Hindustan Zinc Limited (HZL), representing 2.60% of the issued and paid-up equity share capital of HZL, by way of an offer for sale through the stock exchange mechanism, in accordance with applicable laws and the circulars issued by the Securities and Exchange Board of India and the stock exchanges,” said the company, in an exchange filing.

Vedanta currently owns a 64.92% stake in HZL, while the government holds a 29.54% stake. Hindustan Zinc recently reported its first profit growth after six consecutive quarters of decline, with a 19.4% rise in net profit to Rs 2,345 crore in the April-June quarter. The company’s zinc sales also saw a 14% increase in the first quarter, making it the top business segment.