The government has raised Rs 3,449 crore through sale (OFS) in Hindustan Zinc Ltd by selling about 1.6 percent.
During the two-day OFS on November 6-7, the government had proposed to sell over 5.28 crore shares, or 1.25 per cent, with a greenshoe option to retain additional subscriptions of the same amount.
According to official data, the government has raised Rs 3,449.18 crore from OFS. On the first day of the share sale on November 6, institutional investors bid for shares worth around Rs 3,400 crore or around 1.58 per cent.
Demand from retail investors was somewhat muted on November 7. The government, which held a 29.54 percent stake in HZL before the OFS, is the largest shareholder in the Vedanta Group company.
The proceeds from the sale of the HZL stake helped to expand the government’s liquidity fund. Of the current funds so far, Rs 8,625 crore has been raised through the sale of small shares by the government.
This includes Rs 2,346 crore raised through GIC’s OFS and Rs 2,015 crore from Cochin Shipyard. Another Rs 815 crore was mobilized in the form of money from SUUTI.
