Hindustan Zinc shares close over 2% higher on Rs 4,000 cr fundraising plan

Shares of Hindustan Zinc Ltd (HZL) on Wednesday closed with over 2 per cent gains after the company said its board-constituted panel has approved a plan to raise up to Rs 4,000 crore through non-convertible debentures.

The stock, which jumped 7 per cent to Rs 222.75 during the day on the BSE, later pared some of the gains and settled at Rs 212.55, up 2.16 per cent.

On the NSE, it gained 2.23 per cent to close at Rs 212.85 after rising 7 per cent to Rs 222.90 during the day.

The approval for fundraising was given during the meeting of the committee of directors held on Tuesday, HZL said in a BSE filing.

"The duly authorised committee of directors...considered and approved offering for subscription on a private placement basis, up to 40,000 unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) of a face value Rs 10,00,000 each," the filing said.

It added that the fundraising would aggregate up to Rs 4,000 crore, including the option to retain oversubscription of up to Rs 1,000 crore.

HZL is a subsidiary of Vedanta Ltd.