Hindustan Zinc is trading higher by 4% to Rs 180 after the Finance Ministry has started the process for fresh valuation of the company, seeking to push through a long-pending sale of the government's residual stake in the company. The government holds 29.5% in Hindustan Zinc.
On Friday, the Department of Disinvestment came out with newspaper advertisements for proposals from merchant bankers for the valuation. Proposals have been sought by June 27, it added.
During the previous the National Democratic Alliance (NDA) government in 1998-2004, Vedanta Resources Chairman Anil Agarwal had bought controlling stakes in Hindustan Zinc through divestment. The London-based Vedanta holds 64.92% stake in Hindustan Zinc.
Foreign institutional investors held 2.06% stake, while mutual funds, bodies’ corporate and individual shareholders held 1% stake each in the company, the shareholding pattern data shows.
The stock opened at Rs 175 and touched a record high of Rs 184 on the BSE. A combined 2.72 million shares changed hands on the counter till 1035 hours on BSE and NSE.
On Friday, the Department of Disinvestment came out with newspaper advertisements for proposals from merchant bankers for the valuation. Proposals have been sought by June 27, it added.
During the previous the National Democratic Alliance (NDA) government in 1998-2004, Vedanta Resources Chairman Anil Agarwal had bought controlling stakes in Hindustan Zinc through divestment. The London-based Vedanta holds 64.92% stake in Hindustan Zinc.
Foreign institutional investors held 2.06% stake, while mutual funds, bodies’ corporate and individual shareholders held 1% stake each in the company, the shareholding pattern data shows.
The stock opened at Rs 175 and touched a record high of Rs 184 on the BSE. A combined 2.72 million shares changed hands on the counter till 1035 hours on BSE and NSE.