Vedanta Ltd. is about to pare its shareholding in Hindustan Zinc Ltd. on Wednesday by providing shares within the secondary marketplace for Rs 3,018 crore.
The dad or mum firm has provided to promote as much as 6.67 crore shares or 1.6% fairness by way of a block deal mechanism, in response to the time period sheet accessed by NDTV Revenue.
The ground worth for the Hindustan Zinc block deal is about at Rs 452.2 apiece, a 7% low cost to Tuesday’s closing on the NSE.
The residual stake of Vedanta may have a lock-up interval of 90 days.
The Anil Agarwal-led firm held a 63.42% fairness within the zinc and silver producer as of March, in response to shareholding knowledge on the BSE.
Final yr, it offloaded a 1.51% stake by means of a suggestion on the market.
Shares of Vedanta closed 0.63% decrease at Rs 461 whereas Hindustan Zinc settled 3.38% decrease at Rs 485.95 apiece on the NSE, in comparison with a 0.37% decline within the benchmark Nifty.
