Hindustan Zinc OFS: Vedanta board approves 1 59% stake sale in metal company amid sharp rally. Check details Stock Market News
The Reserve Bank of India has imposed certain conditions for its approval. However, the deal is subject to approval from the Securities and Exchange Board of India (SEBI). Following the allotment, Avenir is expected to hold around a 41.23% stake, which could rise to 63.36% after the preferential issue and the open offer. Samaan Capital share price opened at ₹144.93 today, as compared to the previous close of ₹138.51 on Tuesday.
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- Hindustan Zinc is a subsidiary of Vedanta Limited, which owns a 61.84% stake in the company as of the December-ending quarter, according to Trendlyne data.
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Shares of Sammaan Capital jumped 11% in Wednesday’s trading session after the central bank’s nod to Abu Dhabi-based International Holding Company (IHC) for picking a majority stake in the non-banking finance company (NBFC). The strong increase in the white metal’s price is expected to boost company margins, as relatively stable production costs, coupled with higher selling prices, result in increased profits per unit sold. Hindustan Zinc remained higher for the second session on Tuesday, surging another 4% to settle at a record high of ₹727.20, as the rally in silver prices showed no signs of abating. Its products include zinc ore, lead-zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal, and sulphuric acid. The company specialises in the exploration, mining, and smelting of zinc, lead, and other non-ferrous metals. The company had a market value of $744.5 million as of last close on the New York Stock Exchange.
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The Trump administration is reportedly seeking the equity stake as it renegotiates the loan terms, raising concerns over the company’s ability to repay the loan due to low lithium prices caused by Chinese overproduction. This transaction took the deal value to ₹38.06 crore, according to the news report. Arunaben Sanjaykumar Bhatiya picked up 2.40 crore shares of Easy Trip Planners at an average price of ₹15.86 per share. After the open market transaction, Pitti’s holding in Easy Trip Planners fell to 12.8 per cent from the earlier level of 14.21 per cent, according to the news report.
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Details of the other buyers of Easy Trip Planners’ shares could not be ascertained on the NSE, according to the news agency. The sharp crash in Easy Trip Planner shares came amid reports that the company’s promoter and co-founder Nishant Pitti will sell off his stake india remaining 14.21 per cent stake in the company via a block deal in Tuesday’s trade. Ease Trip Planners Ltd shares closed 6.92 per cent lower at ₹15.87 after Tuesday’s trading session, compared to ₹17.05 at the previous market close. Your crypto should work for you – stake with confidence, right in the app. From classic card games to modern crash-style games – all risk-free and fun. The developer has not yet indicated which accessibility features this app supports.
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