Vedanta Offloads 1.6% In Hindustan Zinc For ₹30.28 Billion

Vedanta Ltd. on Wednesday said it has sold 66.7 million shares, or a 1.6% stake, in its subsidiary Hindustan Zinc Ltd. for ₹30.28 billion.

The stake was sold to institutional investors via an accelerated bookbuild process, the company said in a regulatory filing.

“This capital raise will support efforts to de-leverage the balance sheet and boost financial flexibility as we move ahead with the demerger into sector-focused entities,” the company said, adding that the move will help each entity focus on its own growth strategy.