August 16: Vedanta Ltd, led by Anil Agarwal, said that it would exercise the greenshoe option in the current offer for sale (OFS) for an additional 0.29 per cent stake sale in Hindustan Zinc Ltd (HZL).
Concerning more than 1.21 crore equity shares, or 0.29 per cent of the firm’s total issued and paid-up equity share capital, the business notified the exchanges that it would exercise the oversubscription option in the offer.
“This will be in addition to over 5.14 crore equity shares, representing 1.22 per cent of the total issued and paid-up equity share capital of the company forming part of the base offer size,” Vedanta said.
To raise around Rs 6,000 crore, Vedanta is selling up to a 3.31 per cent stake in HZL through an OFS between August 16 and 19. The floor price per share is Rs 486.
The sale of up to 14 crore equity shares through the offer for sale, or 3.31 per cent of the equity holding, was approved by the company’s board of directors.
Vedanta would dispose of up to 13.37 crore (13,37,44,856) equity shares through the OFS from August 16–19, 2024, according to a separate filing from Hindustan Zinc. This amounts to 3.17 per cent of the company’s equity ownership.
Vedanta’s share price increased 2.03 per cent to Rs 428.75 a share on the NSE at Friday’s closing. The corporation held 64.92 per cent of HZL at the end of the June quarter, while the government held 29.54 per cent. Vedanta intends to demerge its businesses in iron and steel, basic metals, electricity, oil and gas, and aluminium into distinct listed companies.
