Vedanta has vended 66.7 million shares of its subsidiary ‘Hindustan Zinc’, to institutional investors by way of an accelerated bookbuild process, representing 1.6 per cent of the issued ordinary share capital. The gross proceeds from the sale of shares amounting to Rs 3,028 crore.
As the company actively progress towards the demerger of the company into sector focused entities across diverse verticals, this capital raise will help de-leverage the balance sheet and enhance financial flexibility, enabling each of the demerged entities to pursue their independent growth plans.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
