By Admin 
Hindustan Zinc: Today, a huge fall of more than 5% was seen in the shares of Hindustan Zinc. The shares fell to a low of Rs 570 intra-day, falling below their previous closing price. There is a big reason behind this decline in share prices. Actually, the government is preparing to sell up to 2% of its stake in Hindustan Zinc, so that around Rs 5000 crore can be raised from the market.
According to a Bloomberg report, the Department of Investment and Public Asset Management (DIPAM) under the Finance Ministry can start the process of selling the stake this month or from July. For this, the government has also started the work of taking advice from big merchant bankers of the country. These mainly include ICICI Securities, Axis Capital, IIFL Capital Services, HDFC Securities.
Current shareholding pattern
Hindustan Zinc is one of the largest zinc, lead and silver producing companies in the country. Anil Aggarwal’s company Vedanta Limited has about 61% stake in this company, while the government has about 28% stake in the company. Out of this the government is going to sell 2%. This sale will be done on the stock exchange through Offer for Sale (OFS) route.
impact on share prices
As soon as this news came out, a significant fall was seen in the shares of Hindustan Zinc on Friday. The shares fell nearly 5% to Rs 570-575, the lowest level in the last two weeks. The shares of Hindustan Zinc’s main promoter company Vedanta Limited have also fallen by about 3-5% today.
reason for decline
Whenever the government brings OFS, it sets the floor price at some discount from the current market price of the shares. In anticipation of this discount, selling starts in the market in advance.
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