Vedanta to Sell 3.3% Stake in Hindustan Zinc for Over $950 Million
Indian mining giant Vedanta has announced plans to sell a 3.3% stake in its subsidiary Hindustan Zinc, exceeding the 2.6% stake it initially intended to divest.
The sale involves 140 million Hindustan Zinc shares, valued at approximately ₹80.05 billion ($954 million) based on the company’s closing stock price of ₹571.75 on Wednesday.
The share sale is scheduled for August 16 and 19, with a floor price set at ₹486 per share, according to a BSE circular. Following the announcement, Hindustan Zinc’s stock dropped 1.4%.
Vedanta’s decision to increase the stake sale comes after the company raised ₹85 billion last month through a share placement. This move aligns with the broader strategy of its U.K.-based parent company, Vedanta Resources, which aims to reduce its debt by $3 billion over the next three years.
