There are no legal hurdles in the way of Hindustan Zinc divestment and an in-principle cabinet approval would be sought for the residual 29.5 percent stake sale, government sources have told CNBC-TV18.
The offer size of divestment would be decided closer to the transaction, the channel reported sources as saying.
Sources also told the channel that the expression of interest (EOIs) for Container Corporation Of India (CONCOR) would be finalised after the cabinet clears the railways' land lease policy.
Investors are awaiting clarity on the land lease policy. It was imperative to have a land lease policy for Gati Shakti, the national master plan for multi-modal connectivity, sources said.
Also Read: Supreme Court allows Centre to sell Hindustan Zinc stake, orders CBI probe in 2002 divestment
In November 2021, the Supreme Court had cleared the divestment in Hindustan Zinc. The metal producer ceased to be a government company as the government, an ordinary shareholder, has a 29.5 percent residuary stake.
The government was entitled to make a decision on divestment shareholding as long as the process was transparent and realised the best price, the court said.
Hindustan Zinc is one of the largest integrated producers of zinc and lead and a leading producer of silver. It has facilities in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in Rajasthan, along with zinc-lead processing and refining facilities and a silver refinery at Pantnagar in Uttarakhand.
At 1.27 pm, shares of Hindustan Zinc were trading 3.68 percent higher at Rs 295.95 apiece on the NSE.
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