Shares in Hindustan Zinc gain 2% on media reports that Vedanta Group is willing to increase its offer price to buy the government's remaining stakes in Hindustan Zinc and Bharat Aluminium Company (Balco).
Barclays Capital says Vedanta will not pay more than $3.4 billion for the government's 29.5% stake in Hindustan Zinc, without saying how it obtained the information.
The high end of that offer would value Hindustan at Rs 149 per share, Barclays estimates, a 14% premium over Wednesday's closing price and a 5% premium over their 12-month target for Hindustan of Rs 142.
The brokerage however warns it remains unclear whether Vedanta would need to make an open offer to minority shareholders at the same price.
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