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’s stock closing price of 571.75 rupees on Wednesday.
The share sale is scheduled for Aug. 16 and Aug. 19 for a floor price of 486 rupees, as per a BSE circular.
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)
(Reporting by Manvi Pant in Bengaluru; Editing by Savio D’Souza and Maju Samuel)
