Vedanta Limited Approves Sale of Hindustan Zinc Stake
Board Resolution Authorizes Disposal of Up to 260% Equity Shares
Transaction Encompasses 6492% Stake Currently Held by Vedanta
Mumbai, Maharashtra, India - August 13, 2024 - Vedanta Limited, a leading global diversified natural resources company, announced today that its Board of Directors has approved the sale of up to 11 crore equity shares, representing approximately 260% of its stake, in Hindustan Zinc Limited (HZL).
As of the June 2024 quarter, Vedanta held a 6492% stake in HZL, a major metals and mining company. The Indian government holds 2954% of HZL's equity.
The sale of Vedanta's HZL shares is subject to regulatory approvals and market conditions. The current market price of HZL shares is approximately ₹586 per share, bringing the total potential value of the stake to approximately ₹6,446 crore.
The proceeds from the sale will be utilized by Vedanta to deleverage its balance sheet and invest in its core businesses.
This transaction marks a significant development in Vedanta's strategy to optimize its portfolio and focus on value creation in its key businesses.
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