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Government Approves Stake Sale In Hindustan Zinc
Sources indicated that the government will sell its entire stake in Hindustan Zinc where its shareholding is 29.54 per cent
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Media reports on Wednesday suggested that the Cabinet has approved the stake sale in Hindustan Zinc.
Sources indicated that the government will sell its entire stake in Hindustan Zinc where its shareholding is 29.54 per cent. Present day valuation of this stake is at Rs 39,385.66 crore.
The government in 2002 had offloaded 26 per cent stake in the company which was then bought by the Vedanta Group. The Group later acquired further stake in the company to take its holding to 64.92 per cent. The current round of selling is part of the government’s divestment objectives for the financial year.
Following the report, the company's stock surged 4.10 per cent to end at Rs 307.50 apiece on NSE.