Government raises Rs 3449 crore via OFS in HZL, sells 1.6% stake

The government has raised Rs 3,449 crore through offer-for-sale (OFS) in Hindustan Zinc Ltd by selling about 1.6 percent stake. Through the two-day OFS on November 6-7, the government had proposed to sell over 5.28 crore shares, or 1.25 percent stake, with a greenshoe option to retain additional subscriptions of a similar amount. As per the official data, the government has raised Rs 3,449.18 crore from the OFS.

On the first day of the share sale offer on November 6, the institutional investors had placed bids for close to Rs 3,400 crore shares or about 1.58 percent stake.

The government, which held a 29.54 percent stake in HZL before the OFS, is the largest minority shareholder in the Vedanta Group firm.

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The proceeds from the HZL stake sale helped to increase the disinvestment strategies of the government.

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