The issue will open for retail investors on Thursday.
“Offer for sale in Hindustan Zinc Limited (HZL) received enthusiastic response from non-retail investors today. Government has decided to exercise green shoe option,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on X.
The government is the largest minority shareholder in the Vedanta Group firm with a 29.54 per cent stake in HZL.
Through the two-day OFS, the government is selling 5.28 crore shares or 1.25 per cent stake with a greenshoe option to retain additional subscriptions of equal amount.
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Institutional investors bought 6.69 crore HZL shares by 1530 hrs on Wednesday at Rs. 505.51 per share, against which over 4.75 crore shares were reserved for them.
If the 2.5 per cent stake in the offer is fully subscribed, the sale of HZL stake will net the exchequer Rs. 5,000 crores in revenue.
On the BSE, HZL’s share fell 8.28 percent to Rs. settled at 513.15.
The proceeds from the sale of HZL stake will add to the government’s disinvestment kitty. So far in the current financial year, the government has raised Rs. 5,176 crore has been collected.
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