look news india
Government raised funds: The government has raised capital funds of Rs 3,449 crore through an offer for sale (OFS) of about 1.6 per cent stake in Hindustan Zinc Limited (HZL). Through the two-day OFS held on November 6-7 last, the government had presented a proposal to sell about Rs 5.28 crore i.e. 1.25 per cent stake.
According to official data, the government has collected funds of Rs 3,449.18 crore through OFS. Institutional investors submitted bids for shares worth about Rs 3,400 crore, or about 1.58 per cent stake, on November 6. Retail investors made wide-ranging demands on 7 November.
Government OFS earlier held 29.54 per cent stake in HZL. Along with this, Vedanta Group is the largest majority shareholder in the company. The process of sale of HZL stake is helping the government in disinvestment. So far in the current financial year, the government has raised Rs 8,625 crore through majority stake sale.