Hindustan Zinc's stock fell 8.1% on Wednesday, hitting an intraday low of Rs 514.1 on the BSE. This follows the federal government's announcement that it would issue an offer for sale (OFS) to sell a 2.5% interest in the business.
The stock peaked on the BSE at Rs 807 per share 52 weeks ago, and it fell as low as Rs 285 per share 52 weeks ago.
The offer for sale has a set floor price of Rs 505 per share. Institutional bids can begin the two-day OFS today, while regular investors can begin the process on Thursday.
The Center wants to sell 52.8 million shares, or 1.25 percent of the total paid-up capital, according to a filing with the exchange. In the case of an oversubscription, the Center may choose to sell an additional 52.8 million shares.
Non-retail investors can express their desire to carry forward any unallocated bids for T+1 day (November 7) when the offer opens for them on November 6, the T day.
On November 7, individual investors will be able to submit bids. Only employees and retail investors will be permitted to put bids on Thursday, per OFS regulations.
The company, which has its headquarters in Udaipur, has a number of mines and smelters and places a high priority on resource conservation, sustainable mining methods, and preserving its position as the industry leader in metal production.
Hindustan Zinc's consolidated net profit increased by 35% to Rs 2,327 crore in the September quarter from Rs 1,729 crore in the same period the previous year.
The quarter's operating revenue was Rs 8,004 crore, up 21% from Rs 6,619 crore in the equivalent period of the prior fiscal year. Thus far this year, Hindustan Zinc's stock has increased by 63%.
.jpg "Hindustan Zinc Shares Fall 8% as the Government Sells 2.5 Percent Stake through OFS")
