Hindustan Zinc shares drop 8 percent as government sells stake at discount

Hindustan Zinc shares experienced a decline of more than 8% on November 6 due to the government's decision to sell a 2.5% stake in the company through an offer-for-sale (OFS).

The government, which previously held a 29.54% stake, will carry out the sale at a floor price of Rs 505, which is approximately 10% lower than the stock's last closing price.

At 10:04 AM, Hindustan Zinc shares were trading at Rs 517.10 on the National Stock Exchange (NSE).

The OFS will involve the divestment of 1.25% equity, equivalent to around 5.28 crore shares, with a greenshoe option that allows for an additional 1.25% to be offered.

This move is part of the government's strategy to reduce its stake in the company, which is primarily controlled by Vedanta, holding a 63.42% stake.

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