Indian miner Vedanta boosts stake sale in Hindustan Zinc to top $950 million
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Indian miner Vedanta Ltd will sell a 3.3% stake worth more than $950 million in unit Hindustan Zinc, it said on Wednesday, bigger than the 2.6% stake it initially planned to hive off.
Vedanta said it will sell 140 million Hindustan Zinc shares.
That values the sale at 80.05 billion rupees (about $954 million), based on Hindustan Zinc stock's closing price of 571.75 rupees on Wednesday.
The stock dropped 1.4% on the day. Vedanta had said after the markets closed on Tuesday that it would sell a 2.6% stake.
Last month, the miner raised 85 billion rupees through a share placement.
Vedanta's U.K.-based parent, Vedanta Resources, is seeking to cut its debt by $3 billion over the next three years, it said earlier this year. ($1 = 83.9190 Indian rupees)
