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ICICI Sec, Axis Cap among 5 bankers to arrange govt’s HZL stake sale

ICICI Securities,

and Citigroup Global Markets are among the five funding bankers selected to arrange the sale of the authorities’s 29.53 per cent residual stake in

, an legit acknowledged on Tuesday.

Additionally,

and

will act as funding bankers and work with the authorities and tackle the fraction sale provides, the legit acknowledged.

As many as 6 merchant bankers had made a presentation sooner than the authorities officers on August 12.

The legit knowledgeable PTI that the five bankers selected are

, Axis Capital, Citigroup Global Markets, HDFC Bank and IIFL Securities.

The Department of Investment and Public Asset Administration (DIPAM) had in early July invited bids from merchant bankers for managing Hindustan Zinc Ltd (HZL) residual stake and design July 28 as the slit-off date for striking bids.

The selected merchant bankers will abet the authorities on the timing of the divestment, fetch investor feedback, and take care of investor avenue reveals, besides in the hunt for regulatory approvals.

HZL used to be a CPSE beneath the administrative preserve an eye on of the Mines Ministry and used to be privatised in 2002.

For the time being,

holds 64.92 per cent in HZL, whereas the authorities holds 29.53 per cent. Finest a 5.5 per cent stake is with the general public.

The Union Cupboard had in Would possibly presumably well moreover favorite the sale of 124.9 crore shares or 29.53 per cent stake the authorities holds in zinc producer HZL, which used to be sold to mining magnate Anil Agarwal’s

in 2002.

The authorities disinvested 26 per cent of its equity conserving in HZL alongside with a transfer of preserve an eye on to Sterlite Opportunities and

(SOVL) on March 28, 2002.

Subsequently, as per provisions of the shareholding settlement, the strategic companion exercised its name option, and the authorities transferred 18.92 pet cent to SOVL, which is a component of Agarwal’s

community.

Shares of HZL rose 6.85 per cent to shut at Rs 292.50 on the BSE.

On the scorching market brand, the sale of 124.9 crore shares would accumulate about Rs 36,000 crore to the exchequer.

The authorities has budgeted to retract Rs 65,000 crore via CPSE disinvestment in the scorching fiscal. Up to now this fiscal, it has realised Rs 24,544 crore.

(To find the total Industry News, Breaking News Occasions and Newest News Updates on The Economic Occasions.)

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