India Vedanta Limited, the leading mining company of the world, has raised about Rs 3,200 crore from the OFS of shares of its subsidiary Hindustan Zinc Limited (HZL). The OFS of shares of Vedanta Group company Hindustan Zinc has received tremendous support from retail and institutional investors. Sources said that Vedanta Limited is expected to get about Rs 3,200 crore from this sale offer i.e. OFS.
What will the company do with the money raised through OFS
Vedanta Limited will use the funds raised through OFS to improve its balance sheet and invest in its expansion plans. This, combined with the Rs 8,500 crore raised through qualified institutional allotment last month, will help reduce the debt of both Vedanta Group and HZL. The base issue size for retail investors was 51.44 lakh shares while a total of 93.82 lakh shares were subscribed.
Vedanta’s stake in Hindustan Zinc falls to 63.42 percent
According to sources, 4.62 crore shares were earmarked for institutional investors while the total institutional purchases were 6.36 crore shares. Vedanta said in a notice to BSE that after the OFS process that ran from August 16-19, Vedanta’s shareholding in Hindustan Zinc has now come down to 63.42 percent.
Big action was seen in the shares of both the companies on Monday
Let us tell you that Vedanta’s shares saw a tremendous rise on Monday. On Friday, the company’s shares closed at Rs 442.55 with a gain of Rs 13.60 (3.17 percent). On the other hand, Hindustan Zinc Limited’s shares, which closed at Rs 519.95 on Friday, closed at Rs 495.75 with a huge drop of Rs 24.20 (4.65%). Let us tell you that the 52 Week High of Hindustan Zinc shares is Rs 807.00.
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