Hindustan Zinc's FTSE All-World Index Weight Rises To 7%
Earlier, Vedanta approved the sale of a 1.22% stake in HZL comprising 5.14 crore shares through an offer for sale.
The investability weight of Hindustan Zinc Ltd. in the FTSE All-World Index has increased to 7% from 5.49%. The company will remain in the index with an unchanged share in issue totalling 4,22,53,19,000, according to an FTSE statement on Tuesday.
The zinc producer will also continue to remain in the FTSE MPF All-World Index, FTSE Global Large Cap Index and FTSE Emerging Index with an increase in the investability weight from 5.49% to 7%, it said.
Earlier, Vedanta approved the sale of a 1.22% stake in HZL, comprising 5.14 crore shares, through an offer for sale. The company had set the floor price at Rs 486 per share. Vedanta said it will also utilise the oversubscription option for a 0.29% stake, taking the overall size of the offer to 1.51%.
Vedanta had earlier received approval from both exchanges to demerge its aluminium, oil and gas, power, steel and metal businesses into separate listed companies. The demerger will help simplify the company's corporate structure by creating independent businesses.
Shares of HZL closed 3.34% higher at Rs 512.30 apiece on the BSE, compared to a 0.47% advance in the benchmark Sensex.
