6 service provider bankers in fray to handle authorities’s stake sale in HZL

6 service provider bankers in fray to handle authorities’s stake sale in HZL

0 0
Read Time:1 Minute, 54 Second

As many as six service provider bankers are vying to deal with and handle the sale of the Authorities’s 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), in keeping with an official discover.

ICICI Securities, SBI Capital Markets, HDFC Financial institution, IIFL Securities, Axis Capital and Citigroup World Markets will make their shows by way of video convention earlier than Authorities officers on Friday. 

The bankers to handle the sale course of could be finalised after the presentation and opening of monetary bids on August 12, the discover stated. 

The Division of Funding and Public Asset Administration (DIPAM) had, in early July, invited bids from service provider bankers for managing HZL’s residual stake and set July 28 because the deadline for putting bids. 

The chosen service provider bankers will help the federal government with the timing of the divestment, get investor suggestions, and maintain investor highway reveals, apart from in search of regulatory approvals.

A Central Public Sector Enterprise (CPSE) beneath the executive management of the Mines Ministry, HZL was privatised in 2002.

At present, Vedanta Ltd holds 64.92 per cent in HZL, whereas the federal government holds 29.53 per cent. The general public holds a 5.5 per cent stake within the firm.

The Cupboard in Could authorised the sale of 124.9 crore shares or 29.53 per cent stake the federal government holds in HZL, which was offered to Anil Agarwal’s Sterlite Industries in 2002.

The federal government disinvested 26 per cent of its fairness holding in HZL together with a switch of management to Sterlite Alternatives and Ventures Ltd (SOVL) on March 28, 2002.

Subsequently, beneath provisions of the shareholding settlement, the strategic accomplice exercised its name possibility and the federal government transferred 18.92 pet cent to SOVL, which is a part of Agarwal’s Vedanta group.

Shares of HZL rose 0.79 per cent to Rs 274.95 on the BSE on Thursday.

On the present market value, the sale of 124.9 crore shares would fetch about Rs 34,000 crore to the exchequer. 

The Authorities has budgeted elevating Rs 65,000 crore by CPSE disinvestment within the present fiscal. Up to now this fiscal, it has realised Rs 24,544 crore.

Revealed on

August 11, 2022

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published.