Vedanta Ltd, a major metals and mining company, revealed on Wednesday that it has upped its Offer For Sale (OFS) plan for Hindustan Zinc and now seeks to sell 3.31 percent of Hindustan Zinc's issued and paid-up equity shares. This represents up to 14,00,00,000 HZL equity shares.
According to a filing with the Securities and Exchange Commission, "We wish to inform you that the duly authorized Committee of Directors of Vedanta Limited (Committee), at its meeting held today on August 14, 2024, has approved the sale of up to 14,00,00,000 equity shares of Hindustan Zinc Limited (HZL), representing 3.31 percent of the issued and paid-up equity share capital of HZL, by way of an offer for sale through the stock exchange mechanism."
This, it noted, supersedes the Committee of Directors' previous approval and the company's intimation filed on August 13, 2024. Vedanta had previously proposed an OFS to sell its 2.6 percent stake in Hindustan Zinc, which amounted to 11 crore shares.
This month, Hindustan Zinc reported fiscal first-quarter earnings of Rs 2,345 crore, up 19.4 percent year on year. Revenue for the quarter climbed by 11.6% to Rs 8,130 crore, while EBITDA improved by 18% to Rs 3,946 crore.
Hindustan Zinc declared in April of this year that it has become the world's third-largest silver producer, according to the World Silver Survey 2024 performed by 'The Silver Institute' in the United States.
