Anil Agarwal-led Vedanta Ltd said on August 16 that it will exercise greenshoe option in the ongoing offer for sale (OFS) for additional 0.29 percent stake sale in Hindustan Zinc Ltd (HZL).
The company informed the exchanges that it will exercise the oversubscription option in the offer to the extent of over 1.21 crore equity shares, representing 0.29 percent of the total issued and paid-up equity share capital of the company.
"This will be in addition to over 5.14 crore equity shares, representing 1.22 percent of the total issued and paid-up iequity share capital of the company forming part of the base offer size," Vedanta said.
Vedanta is offloading up to 3.31 percent stake in HZL through an OFS between August 16-19 at a floor price of Rs 486 per share to raise about Rs 6,000 crore.
The company's board approved the sale of up to 14 crore equity shares of, representing 3.31 percent of equity stake, through the offer for sale.
Hindustan Zinc in a separate filing stated that Vedanta will offload up to 13.37 crore (13,37,44,856) equity shares, representing 3.17 per cent of the equity stake of the company through the OFS from August 16-19, 2024.
At Friday's closing, Vedanta share price stood at Rs 428.75 per share on the NSE, rising 2.03 percent. At the end of the June quarter, the company owned 64.92 percent stake in HZL while the government had 29.54 percent. Vedanta plans to demerge its aluminium, oil and gas, power, base metals, and iron and steel businesses into separate listed entities.
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