Vedanta garners Rs 3,100 crore from Hindustan Zinc OFS
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Billionaire Anil Agarwal's Vedanta fell short of meeting its initially targeted proceeds from an offer for sale (OFS) in group entity Hindustan Zinc, with the exercise netting ₹3,100 crore for the resources conglomerate that had first sought to garner up to ₹6,500 crore in stake dilution but later reduced the OFS size. Vedanta sold 63.6 million shares of Hindustan Zinc in a two-day OFS that concluded on Monday. The promoter, Vedanta, initially aimed to raise up to ₹6,500 crore by divesting a 3.17% stake. The natural resources company held a 64.92% stake in the zinc company as of June and offloaded a 1.5% stake through the OFS on Friday and Monday. Shares of Hindustan Zinc have plunged nearly a fifth since last Monday, wiping out more than ₹50,000 crore in market vale. Vedanta had initially said that it would sell 51.4 million shares of Hindustan Zinc, with the option to additionally sell up to 82.3 million shares in case of oversubscr...