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As many as 6 service provider bankers had made a presentation earlier than the federal government officers on August 12. 5 bankers chosen are ICICI Securities, Axis Capital, Citigroup World Markets, HDFC Financial institution and IIFL Securities.
ICICI Securities, Axis Capital and Citigroup World Markets are among the many 5 funding bankers chosen to handle the sale of the federal government’s 29.53 p.c residual stake in Hindustan Zinc Ltd, an official stated on Tuesday.
Additionally, HDFC Financial institution and IIFL Securities will act as funding bankers and work with the federal government and deal with the share sale affords, the official stated.
As many as 6 service provider bankers had made a presentation earlier than the federal government officers on August 12. The official informed PTI that the 5 bankers chosen are ICICI Securities, Axis Capital, Citigroup World Markets, HDFC Financial institution and IIFL Securities.
The Division of Funding and Public Asset Administration (DIPAM) had in early July invited bids from service provider bankers for managing Hindustan Zinc Ltd (HZL) residual stake and set July 28 because the deadline for placing bids.
The chosen service provider bankers will help the federal government on the timing of the divestment, get investor suggestions, and maintain investor street reveals, moreover searching for regulatory approvals.
HZL was a CPSE below the executive management of the mines ministry and was privatised in 2002. At present, Vedanta Ltd holds 64.92 p.c in HZL, whereas the federal government holds 29.53 p.c. Solely a 5.5 p.c stake is with the general public.
The union cupboard had in Might permitted the sale of 124.9 crore shares or 29.53 p.c stake the federal government holds in zinc producer HZL, which was offered to mining mogul Anil Agarwal’s Sterlite Industries in 2002.
The federal government disinvested 26 p.c of its fairness holding in HZL together with a switch of management to Sterlite Alternatives and Ventures Ltd (SOVL) on March 28, 2002.
Subsequently, as per provisions of the shareholding settlement, the strategic companion exercised its name possibility, and the federal government transferred 18.92 petcent to SOVL, which is a part of Agarwal’s Vedanta Group.
Shares of HZL rose 6.85 p.c to shut at Rs 292.50 on the BSE. On the present market worth, the sale of 124.9 crore shares would fetch about Rs 36,000 crore to the exchequer.
The federal government has budgeted to boost Rs 65,000 crore by CPSE disinvestment within the present fiscal. To date this fiscal, it has realised Rs 24,544 crore.