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Cabinet approves 29.5% stake sale in Hindustan Zinc

ET Now / May 25, 2022, 19.00 PM IST

The Union Cabinet today has approved the residual stake sale in Hindustan Zinc. Govt’s 29.5% stake sale in Hindustan Zinc can fetch close to Rs 40,000 cr. The cabinet decision comes after Vedanta withdrew the arbitration on second call option to buy govt’s stake in Hindustan Zinc. Dipam will chalk plan to sell stake in Hindustan Zinc in FY23. Dipam may decide to sell stake in Hindustan Zinc in OFS tranches. Sebi allows non-promoter shareholders holding more than 10% to use the OFS route. Vedanta had filed arbitration in 2009 after govt rejected its second call option to buy 29.5% share in Hindustan Zinc. Government holds 29.5%, Vedanta holds 64.92% stake in Hindustan Zinc. Supreme Court in 2021 allowed govt to disinvest its residual stake in Hindustan Zinc in open market.

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