The Union Cabinet on Wednesday approved the sale of the government’s remaining stake in Hindustan Zinc. The central government currently owns a 29.54 per cent stake in Hindustan Zinc which is worth around Rs 37,000 crore, sources told The Indian Express.
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Hindustan Zinc was a majority government-owned company. The government had earlier offloaded 26 per cent stake in the firm in 2002, which was bought by Anil Agarwal-led Vedanta Group. The mining giant later acquired a further stake in the company to take its holding to 64.92 per cent.
Shares of Hindustan Zinc ended 4.10 per cent higher at Rs 307.50 apiece on the National Stock Exchange (NSE).
On Tuesday, Vedanta founder and chairman Anil Agarwal in an interview with CNBC-TV18 had said that his company can only buy a 5 per cent additional stake in Hindustan Zinc and the remaining will go to the market.