Biz Updates: Government sells 1.6% stake in Hindustan Zinc; country’s coal imports rise 8%
New Delhi| Government Hindustan Zinc Ltd. It has raised Rs 3,449 crore by selling 1.6 per cent share through Offer for Sale. A total of 5.28 crore shares have been sold. Institutional investors bid for Rs 3,400 crore. Retail investors bid very low. The government’s share in Hindustan Zinc is 29.54 per cent. The proceeds from the stake sale of Hindustan Zinc have helped boost the government’s disinvestment coffers. So far in the current financial year, the government has raised Rs 8,625 crore from minority stake sale in companies. This includes Rs 2,346 crore raised through GIC’s OFS and Rs 2,015 crore from Cochin Shipyard.
The country’s coal imports have increased by 7.8 per cent between April and September, reaching 140.60 tons. It was 130.34 tonnes in the same period a year ago. Imports have declined by 10.09 per cent to 19.42 tones in September, the company reported.
