Govt to sell 2.5 pc in HZL at floor price of Rs 505/share, aims to raise over Rs 5,000 cr

The government plans to offload a 7% stake in NLC India through an offer-for-sale (OFS), including a green shoe option of 2%. The OFS, opening for non-retail investors on Thursday and for retail investors on March 11, aims to raise around ₹2,058 crore. The floor price is set at ₹212 per equity share, at a discount to the closing price of ₹226.7 apiece on Wednesday.

The Indian government may postpone its plans to sell its stake in Hindustan Zinc (HZNC.NS) until a turnaround in the industry's fortunes, following advice from merchant bankers, two government sources told Reuters.

Hindustan Zinc's stock price has declined over 16 per cent from the highs touched in January due to a sharp drop in zinc prices

The government will offload about 9.24 crore shares, which represents about 1.5% stake through the OFS, and in the case of oversubscription, an additional 1.5% stake will be under sale.

So far in the current fiscal, the government has mopped up Rs 31,107 crore from stake sales in CPSEs. It was planning to sell its 29.54 per cent in HZL to meet the revised target.

Government is likely to begin international roadshows starting with the US this month for the sale of its residual 29.54 per cent stake in erstwhile public sector company Hindustan Zinc Ltd (HZL), an official said. The government had decided to exit the zinc maker last year but the plan hit a roadblock because of the firm's owner, billionaire Anil Agarwal's Vedanta Ltd proposal. Vedanta wanted to sell its global zinc assets to HZL in a move that many analysts saw as an attempt to tap into the erstwhile state-run firm's huge cash pile.

the government holds 75.15% stake in Hindustan Aeronautics or HAL The floor price for the HAL stake sale is set at Rs 2,450 rupees apiece, at a discount of 6.7% to Wednesday's close.

The board of Hindustan Zinc (HZL) - in which the government is the largest minority shareholder with a 29.54% stake - had in January approved buying Vedanta Group's zinc businesses in cash for $2.98 billion.

New Delhi, Feb 4 (PTI) The Department of Investment and Public Asset Management (DIPAM) will focus on concluding the ongoing privatisation transactions, like IDBI Bank and BEML, and may not look at any new CPSE for a strategic sale in the next fiscal, a senior official said. DIPAM Secretary Tuhin Kanta Pandey in an interview […]