5 Bankers to Manage Govt’s HZL Stake Sale: ICICI Securities, HDFC Bank & More

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5 Bankers to Manage Govt’s HZL Stake Sale: ICICI Securities, HDFC Bank & More

By Malvika Gurung

Investing.com -- Five investment bankers have been finalised to manage the stake sale of the government’s residual shareholding in the mining company Hindustan Zinc (NS: HZNC ).

According to a source privy to the matter, five investment bankers, namely ICICI Securities (NS: ICCI ), Axis Capital, HDFC Bank (NS: HDBK ), Citigroup (NYSE: C ) Global Markets and IIFL Securities will assist the government in selling its 29.53% residual stake held in Hindustan Zinc .

The Department of Investment and Public Asset Management invited bids from merchant bankers to manage the stake sale process of Hindustan Zinc in early July, and July 28 was set as the deadline for submission of said bids.

Of the six merchant bankers that made a presentation before government officials on Aug 12, five were chosen to help the Centre not only seek regulatory approvals for the HZL stake sale but also decide the timing of the divestment, get investor feedback, and hold investor roadshows, noted a PTI report.

Currently, the mining giant Vedanta (NS: VDAN ) holds a majority stake of 64.92% in Hindustan Zinc, Govt holds a 29.53% stake and the remaining is held by the public.

At the present market price, selling a 29.53% stake or 124.9 crore shares of HZL would fetch the Government over Rs 36,000 crore.

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