New Delhi: The Government will sell up to 2.5 percent stake in Hindustan Zinc at a floor price of Rs 505 per share through an offer for sale (OFS).
The stake sale would fetch over Rs 5,000 crore at the floor price.
The two-day OFS opens for institutional bidders on Wednesday and for retail investors on Thursday.
"Offer for sale in Hindustan Zinc Limited (HZL) opens tomorrow (Wednesday) for non-retail investors. Retail investors can bid on Thursday, 7th November. Government will divest 1.25 percent equity with an additional 1.25 percent as greenshoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a post on X.
The Government is selling over 5.28 crore shares, or 1.25 percent stake, with a greenshoe option to retain additional subscription of similar amount.
The floor price is at a discount of 9.7 percent over Tuesday's closing price of Rs 559.45.
Shares of HZL closed at Rs 559.45, up 2.99 percent over previous close on the BSE.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)