Hindustan Zinc up 3.5% as DEA clears decks for stake sale

Moneycontrol Bureau

Hindustan Zinc gained around 3.5 percent intraday on Tuesday. The Department of Economic Affairs secretary Arvind Mayaram said that decks have been cleared for the Hindustan Zinc and Balco stake sale and now it's up to the mines ministry to take a final call. The finance ministry expects to rake in Rs 25000 crore from this stake sale.

Anil Agarwal-promoted Sterlite Industries, which was merged with Sesa Goa last month, holds 64.92 percent stake in Hindustan Zinc and the rest of the stake is with the Government of India.

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Agarwal had already offered around Rs 17,000 crore for 29.54 percent stake to government. In the beginning of September, there were rumours that he has increased his offer by 10 percent.

Hindustan Zinc ended Rs 131.55, up Rs 3.75, or 2.93 percent on the BSE.