Vedanta divests 1.6% stake in subsidiary company Hindustan Zinc

Mining and metals major Vedanta confirms paring stake in subsidiary Hindustan Zinc on Wednesday, June 18, in a bid to deleverage and strengthen its balance sheet. Several media reports yesterday indicated that Vedanta, the promoter of Hindustan Zinc, was looking to pare its stake in the company, with the deal size initially pegged at ₹7,500 crore, according to CNBC-TV 18. However, today morning, 7.2 crore shares, representing 1.71% equity, worth ₹3,323 crore changed hands at ₹460.5 per share via block deals, the business news channel said.