HZL: CCEA clears sale of government’s 29.5% stake in HZL valued at Rs 38,000 crore


The Cabinet Committee on Economic Affairs (CCEA) on Wednesday cleared the government’s 29.5 per cent stake sale in HZL, which could fetch around Rs 38,000 crore to the exchequer, sources said. “The Cabinet Committee on Economic Affairs has approved HZL stake sale,” sources said.

The decision would give a push to the government’s disinvestment drive in the current fiscal. The government has budgeted Rs 65,000 crore from PSU disinvestment and strategic sale.

The sale of 29.5 per cent stake representing over 124.96 crore shares would fetch around Rs 38,000 crore to the exchequer at current market prices.

Shares of HZL closed at Rs 305.05, up 3.14 per cent on the BSE. During the day, the scrip touched a high of Rs 317.30 a share.
was a government-owned company till 2002. In April 2002, the government offloaded a 26 per cent stake in HZL to Sterlite Opportunities and (SOVL) for Rs 445 crore- thereby giving group management control in HZL.

Vedanta group later bought 20 per cent from the market and another 18.92 per cent from the government in November 2003, raising its ownership in Hindustan Zinc to 64.92 per cent.

Vedanta, led by mining magnate Anil Agarwal, recently said the company can buy just 5 per cent additional stake in the HZL considering the price of the shares on offer.

Read original article here

Denial of responsibility! Verve Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment