Shares of Hindustan Zinc (HZL) in early commerce on Wednesday slipped as much as 8 per cent to the day’s low worth of Rs 514.1 after the corporate’s provide on the market (OFS) opened for the non-retail investor class at this time. At round 10:28, the inventory of Vedanta’s subsidiary traded weak by 7.6 per cent or Rs 42.55 at Rs 516.9 per share on the BSE.
As a part of the OFS, the federal government goals to dilute 1.25 per cent stake within the entity with a further green-shoe choice of 1.25 per cent.
The ground worth of the OFS has been determined as Rs 505, an almost 10 per cent low cost to the day prior to this’s closing worth. On the ground worth, the provide in case of full subscription can rake in Rs 5,300 crore for the centre.
The provide for the non-retail investor class opened on Wednesday, whereas the identical shall be open for retail buyers on November 7 (Thursday).
As of the September quarter, the corporate’s shareholding knowledge confirmed that the Centre had as a lot 29.54 per cent stake within the entity.
Below the provide, the vendor or the Authorities of India proposes to promote as much as 5,28,16,488 fairness shares representing as much as 1.25 per cent of the whole paid-up share capital with an choice to promote extra 5,28,16,487 shares (the oversubscription choice).
The allocation shall be at or above the ground worth on worth precedence foundation at a number of clearing costs, stated the corporate’s submitting with the exchanges.
Axis Capital, HDFC Securities, ICICI Securities and IIFL Securities are brokers on behalf of the sellers. Moreover, IIFL Securities will act because the Settlement dealer for the provide.
Hindustan Zinc share worth efficiency
The corporate’s shares within the final one yr have zoomed 73 per cent, whereas the Nifty Steel index throughout the identical time has climbed 47 per cent.
