The union government on Tuesday proposed to sell up to 2.5% stake in Hindustan Zinc through an offer for sale ( OFS), which opens on November 6. The floor price for the same is fixed at Rs 505 apiece, which is nearly 10% discount to the current market price.
Under the OFS, the government will sell about 5.28 crore shares or 1.25% of equity with additional oversubscription option of 1.25% equity.
The offer will open for non-retail investors on November 6, which is the T day and they can indicate their willingness to carry forward their un-allocated bids for T+1 day, which is on November 7.
Retail investors can place their bids on November 7. The OFS regulations mandate that only retail investors and employees will be allowed to place their bids on Thursday.
However, those non-retail investors who have placed their bids on Wednesday and have chosen to carry forward their unallotted bids to the next day, will also be allowed to revise their bids.
Hindustan Zinc, a subsidiary of Vedanta, is one of the world's largest integrated producers of zinc, lead, and silver. Headquartered in Udaipur, the company operates across multiple mines and smelters, with a strong focus on sustainable mining practices, resource conservation, and maintaining its market-leading position in metal production.
Hindustan Zinc are in focus today after the company reported a 35% jump in its September quarter consolidated net profit at Rs 2,327 crore versus Rs 1,729 crore posted by the company in the year ago period.
The revenue from operations in the reported quarter stood at Rs 8,004 crore which was up 21% over Rs 6,619 crore posted by the company in the corresponding quarter of the previous financial year.
On Tuesday, Hindustan Zinc shares closed nearly 3% higher at Rs 559.75 on NSE.
Under the OFS, the government will sell about 5.28 crore shares or 1.25% of equity with additional oversubscription option of 1.25% equity.
The offer will open for non-retail investors on November 6, which is the T day and they can indicate their willingness to carry forward their un-allocated bids for T+1 day, which is on November 7.
Retail investors can place their bids on November 7. The OFS regulations mandate that only retail investors and employees will be allowed to place their bids on Thursday.
However, those non-retail investors who have placed their bids on Wednesday and have chosen to carry forward their unallotted bids to the next day, will also be allowed to revise their bids.
Hindustan Zinc, a subsidiary of Vedanta, is one of the world's largest integrated producers of zinc, lead, and silver. Headquartered in Udaipur, the company operates across multiple mines and smelters, with a strong focus on sustainable mining practices, resource conservation, and maintaining its market-leading position in metal production.
Hindustan Zinc are in focus today after the company reported a 35% jump in its September quarter consolidated net profit at Rs 2,327 crore versus Rs 1,729 crore posted by the company in the year ago period.
The revenue from operations in the reported quarter stood at Rs 8,004 crore which was up 21% over Rs 6,619 crore posted by the company in the corresponding quarter of the previous financial year.
On Tuesday, Hindustan Zinc shares closed nearly 3% higher at Rs 559.75 on NSE.
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