Hindustan Zinc share price: Hindustan Zinc shares plunge over 7% on govt plan to sell 2.5% stake via OFS
Shares of Hindustan Zinc on Wednesday fell by up to 7.5%, hitting a low of Rs 517.70 on the BSE, after the central government announced it would sell up to 2.5% of its stake in the company via an offer for sale (OFS).
The OFS includes a base offer of 1.25% stake, with a green-shoe option for an additional 1.25%. The floor price has been set at Rs 505 per share, which represents a 9.8% discount to Tuesday’s closing price, making it negative for the stock in the short term.
Under the OFS, the government will sell approximately 5.28 crore shares, or 1.25% of the company’s equity, with an additional oversubscription option of 1.25%.
Also read | Govt to sell up to 2.5% stake in Hindustan Zinc through OFS
The offer will open for non-retail…
