Hindustan Zinc shares dropped 8.1% on Wednesday and registered an intraday low of Rs 514.1 per share on BSE
Hindustan Zinc shares dropped 8.1 per cent on Wednesday and registered an intraday low of Rs 514.1 per share on BSE. This comes after the central government announced to sell a 2.5 per cent stake in the company through an offer for sale (OFS).
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The 52-week high of the stock was at Rs 807 per share on BSE and 52-week low of the stock was at Rs 285 per share.
The floor price for the offer for sale is fixed at Rs 505 per share. The two-day OFS opens for institutional bidders today and for retail investors on Thursday.
In an exchange filing, Hindustan Zinc said the Centre is proposing to sell 52.8 million shares, representing 1.25 per cent of the total paid-up capital, with an option to sell another 52.8 million shares in the event of an oversubscription.
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“Offer for sale in Hindustan Zinc Limited opens tomorrow (Wednesday) for non-retail investors. Retail investors can bid on Thursday, November 7. Government will divest 1.25 per cent equity with an additional 1.25 per cent as greenshoe option,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a post on X.
The offer will open for non-retail investors on November 6, which is the T day, and they can indicate their willingness to carry forward any unallocated bids for T+1 day (November 7).
Retail investors can place their bids on November 7. The OFS regulations mandate that only retail investors and employees will be allowed to place bids on Thursday.
Hindustan Zinc, a subsidiary of Vedanta, is one of the world’s largest integrated producers of zinc, lead, and silver. Headquartered in Udaipur, the company operates multiple mines and smelters, with a strong focus on sustainable mining practices, resource conservation, and maintaining its market-leading position in metal production.
In the September quarter, Hindustan Zinc reported a 35 per cent jump in consolidated net profit to Rs 2,327 crore, compared to Rs 1,729 crore in the same period last year.
Revenue from operations for the quarter stood at Rs 8,004 crore, up 21 per cent from Rs 6,619 crore in the corresponding quarter of the previous financial year.
Hindustan Zinc’s shares have rallied 63 per cent so far this calendar year.
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