Metals and mining major Vedanta Ltd on Wednesday announced that it has increased the Offer For Sale (OFS) proposal for Hindustan Zinc and now intends to offload 3.31 per cent of the issued and paid-up equity share capital of Hindustan Zinc. This represents upto 14,00,00,000 equity shares of the HZL.
In a regulatory filing, Vedanta said, “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 upto 14,00,00,000 equity shares of Hindustan Zinc Limited (HZL), representing 3.31 per cent 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 added, is in supersession of the earlier approval of the Committee of Directors and the intimation filed by the company dated August 13, 2024. Per the earlier proposal, Vedanta had announced an OFS to offload 2.6 per cent shareholding of Hindustan Zinc, representing 11 crore shares.
This month, Hindustan Zinc also announced its fiscal first quarter earnings with profit at Rs 2,345 crore, up 19.4 per cent YoY. Revenue for the quarter increased by 11.6 per cent to Rs 8,130 crore and EBITDA rose 18 per cent to Rs 3,946 crore.
In April this year, Hindustan Zinc had announced that it has now become the third largest silver producer globally as per the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA.