"The government has started the process of valuation of its residual stake in HZL as it wants to go for a public offer," Vedanta Resources Chairman Anil Agarwal told reporters.
Vedanta group, which holds majority stake in Hindustan Zinc Ltd, said it would bid for the government's residual stake in HZL and is a "big contender" for it.
"The government has started the process of valuation of its residual stake in HZL as it wants to go for a public offer," Vedanta Resources Chairman Anil Agarwal told reporters.
Stating that Vedanta would bid for the government stake during public offer after the valuation and assessment is complete, Agarwal said: "We are a big contender... We will certainly bid for it." The Vedanta group chief expressed the hope that the process would be completed in 2-3 months.
Also read: Coalgate: Vedanta slams govt move to bat for just 46 blocks
Union Finance Ministry has started the process for fresh valuation in its effort to push through a long-pending sale of the government's residual stake in the company in the current financial year, sources said.
HZL had a paid-up capital of Rs 845 crore as on March 31, 2013. The government holds a 29.54 per cent stake in the company. The government had earlier sold majority stake in the erstwhile PSU to the Vedanta group.
Metal major Sesa Sterlite yesterday sought shareholders' nod to enhance its borrowing limit to Rs 80,000 crore for funding needs in group firms and buying out government's residual stake in Hindustan Zinc and Balco.
The Anil Agarwal-led firm's Board has, in the last week, already passed an enabling resolution to increase the limit by 33.3 percent from Rs 60,000 crore.
It said in a BSE filing that the enhancement of limit was aimed at meeting funding requirements of all the group divisions such as iron ore, iron making, copper, aluminium production and commercial power generation.
Hind Zinc stock price
On September 10, 2014, at 09:20 hrs Hindustan Zinc was quoting at Rs 174.95, down Rs 0.15, or 0.09 percent. The 52-week high of the share was Rs 184.00 and the 52-week low was Rs 114.80.
The company's trailing 12-month (TTM) EPS was at Rs 16.24 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.77. The latest book value of the company is Rs 88.56 per share. At current value, the price-to-book value of the company is 1.98.
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