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.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.