Hindustan Zinc Shares Dip 5.84% Amid Vedanta OFS

Hindustan Zinc shares fell 5.84% amid Vedanta's OFS, which was oversubscribed. Vedanta plans to further stake sales and demerge its various business segments into separate listed entities.

Vinayak Hagargi
August 19, 2024
11:54 am
1 min read

Hindustan Zinc (HZL) shares continued to decline in Monday’s trading session following an offer for sale (OFS) launched by its parent company, Vedanta. The stock opened at ₹489.60 on the BSE, marking a 5.84% drop.

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Vedanta launched the OFS last week to sell a 3.31% stake in HZL. The offer received strong interest from market participants, particularly non-retail investors, who placed bids for 6.3 crore shares. This resulted in an oversubscription of 1.23 times, or 137.39%, with bids totaling 6.36 crore shares against the 5.14 crore shares on offer.

Bids were placed at a price of ₹494.54 per share, slightly above the floor price of ₹486 per share. Vedanta also announced that it would offer an additional 8.23 crore shares, representing 1.95% of HZL’s equity, to both retail and non-retail investors on Monday, August 19, as part of the oversubscription option.

Earlier, Vedanta had planned to sell up to 14 crore shares, or 3.31% of HZL, through the OFS from August 16 to 19, 2024. At the end of June, Vedanta held a 64.92% stake in HZL, while the Indian government owned 29.54%.

In a related development, Vedanta also plans to demerge its aluminum, oil and gas, power, base metals, and iron and steel businesses into separate listed entities. On Friday, HZL shares closed 9.25% lower at ₹519.95 on the BSE.

Vinayak Hagargi

Vinayak is a passionate financial markets enthusiast with 4+ years of experience. He has curated over 100 articles simplifying complex financial concepts. He has a unique ability to break down financial jargon into digestible chunks. Vinayak aims to empower newbies with relatable, easy-to-understand content. His ultimate goal is to provide content that resonates with their needs and aspirations.

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