Moneycontrol
Sep 10, 2013 03:24 PM IST | Source: Moneycontrol.com

Hindustan Zinc up, Vedanta may sweeten offer for govt stake

Hindustan Zinc sees an uptick of 7 percent on reports that Vedanta may sweeten the offer for government's stake in the stock by 10 percent. The stock has gained more than 25 percent in the past one month.

Hindustan Zinc up, Vedanta may sweeten offer for govt stake

Moneycontrol Bureau


Hindustan Zinc (HZL) sees an uptick of 7 percent on a media report that Vedanta may sweeten the offer for government's stake in the stock by 10 percent. The stock has gained more than 25 percent in the past one month.


According to a media report, bankers have made those recommendations in their presentations to Vedanta officials. The government and Vedanta are currently in discussion on the stake sale to the Anil Agarwal-led company.


The government owns 29.5 percent in HZL.


"Bankers say after buying the government’s stake, Sesa Sterlite will be able to dip into the cash reserves of HZL to help it repay Cairn's loans as almost USD 3.5 billion, which are coming up for repayment in the next three years," the report said.

At 14:58 hours IST, the stock was quoting at Rs 129.45, up Rs 3.65, or 2.90 percent on the BSE.

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