The department of disinvestment has re-started the process of residual stake sale in Hindustan Zinc Ltd, calling for bids from merchant bankers for valuation of the deal.
The residual stake sale had been put on hold due to the General Elections in April and the model code of conduct preceding it. Since then, the finance ministry has also got the go-ahead for the deal from the new finance minister Arun Jaitley.
“The government has decided to undertake fresh valuation and assessment of fair share value of HZL,” the department of disinvestment said, inviting proposals from merchant bankers or chartered accountant firms with experience in handling valuation of companies said.
Proposals have to be submitted by June 27, it added. Officials said the residual stake sale is likely to be completed by end of the year, depending on clearances. The government holds a 29.54 per cent stake in the company, which had a paid-up capital of Rs 845 crore as of March 31, 2013.