Hindustan Zinc slumped 7.62% to Rs 516.80 after the President of India announced its proposal to sell 1.25% stake in the company through an offer for sale (OFS).
Through the OFS, the Government of India proposes to sell 5,28,16,488 shares, representing a 1.25% stake, with an option to sell an additional 1.25% stake or 5,28,16,487 equity shares in case of oversubscription.
The floor price of the offer has been set at Rs 505 apiece, a 9.73% discount to the stock's closing price of Rs 559.45 recorded on Tuesday, 05 November 2024.
The Government of India held 63.42% stake in Hindustan Zinc as of 30 September 2024.
A minimum of 25% of the offer has been reserved for mutual funds and insurance companies, while 10% for retail investors.
The OFS opened on 06 November 2024, which is the T-day, where only non-retail investors can bid for the shares. On 07 November 2024, which is the T+1 day, the OFS will be accessible for retail investors and those non-retail investors, who choose to carry forward their un-allotted bids from T day.
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On Day 1 (T-day), as of 11:20 IST, the OFS received subscription for 4,42,887 shares. It was subscribed 0.84% on the base non-retail offer size of 5,28,16,488 shares.
Hindustan Zinc, a Vedanta Group company, is an integrated producer of zinc, lead and silver.
The company had reported 34.58% jump in consolidated net profit to Rs 2,327 crore in Q2 FY25 as against Rs 1,729 crore posted in Q2 FY24. Total revenue from operations during the quarter was Rs 8,252 crore, up 22% YoY.
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