Vedanta Divests 1.6% Stake In Hindustan Zinc For ₹3,028 Crore; Money Raised Through Stake Sale To Help De-Leverage Balance Sheet & Enhance Financial Flexibility
In a regulatory filing, the company informed that it has "sold 66.7 million shares in Hindustan Zinc Ltd...to institutional investors by way of an accelerated bookbuild process, representing 1.6 percent of the issued ordinary share capital." Earlier, Vedanta Ltd. said it expects to complete the demerger of its businesses by the end of September this year.
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New Delhi: Anil Agarwal-led Vedanta Ltd on Wednesday said it has divested a 1.6 per cent stake in its arm Hindustan Zinc Ltd (HZL) for nearly Rs 3,028 crore.As Vedanta actively progresses towards the demerger of its businesses, the money raised through stake sale will help de-leverage the balance sheet and enhance financial flexibility, enabling each of the demerged entities to pursue their independent growth plans.
In a regulatory filing, the company informed that it has "sold 66.7 million shares in Hindustan Zinc Ltd...to institutional investors by way of an accelerated bookbuild process, representing.1.6 per cent of the issued ordinary share capital".The gross proceeds from the sale of shares amount to around Rs 3,028 crore."This transaction reflects continued investor confidence in Vedanta's strategic direction, particularly the progress made over recent quarters in delivering record production, driving cost efficiencies, and execution of its deleveraging and demerger initiatives aimed at long-term value creation for all stakeholders," the filing said.
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Earlier, Vedanta Ltd said it expects to complete the demerger of its businesses by the end of September this year.The company had said post-demerger its existing businesses will be structured in six independent companies -- Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. However, later it revised the plan.
In a separate filing, Vedanta said its board has approved the first interim dividend of Rs 7 per equity share for 2025-26, amounting to nearly Rs 2,737 crore."...the record date for the purpose of payment of dividend shall be Tuesday, June 24, 2025, and the interim dividend shall be duly paid within the stipulated timelines as prescribed under law," the filing said.
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