Centre seeks bids from i-bankers to assist stake sale in Hindustan Zinc

The Centre has sought bids from merchant bankers to assist the government in offloading its 29.5 per cent residual stake in Hindustan Zinc (HZL) in tranches. 

The Centre’s 29.5 per cent stake in HZL is valued at around Rs 32,000 crore, based on the current market price of the company’s shares on the bourses. 

The Centre plans to sell its residual stake in the company promoted by Vedanta in open market in tranches, the proposal said. 

The Department of Investment and Public Asset Management is seeking bids by July 28 from Category-I merchant bankers registered with the Securities and Exchange Board of India (Sebi), who also hold a valid stock broker’s licence. 

Those merchant bankers who have completed at least one domestic initial public offering or offer for sale of Rs 5,000 crore or more from April 1, 2019 to March 31, 2022 would be eligible to bid.