Up 70% in 1 year; this largecap mining stock falls up to 8%- check details

Shares of metal mining company Hindustan Zinc, a subsidiary of diverisified metal company Vedanta, traded with a cut of 6 per cent in Friday's session at Rs 537.55 per share. At the day's low, the stock fell up to 8 per cent to Rs 528 per share. 

The losses in the stock were triggered after the company's offer for sale (OFS) opened today for non-retail investor category. 

In its revised OFS guidelines, the company stated that Vedanta which is promoter of the company offers or proposes to sell up to 5,14,40,329 equity shares, representing 1.22 per cent of the total issued and paid up (base size on on August 16, 2024, 2024, ("T day") (for non-Retail Investors only) and on August 19, 2024 ("T+l day") (for Retail Investors (as defined below) and for non-Retail investors with an option to additionally sell up to 8,23,04,527 Equity Shares (representing 1.95% of the total issued and paid up equity. In all Vedanta- led by Anil Agarwal plans to offload 3.17 per cent stake in the entity via the offer for sale route.

Previously, the company planned to offload 2.6 per cent or 11 crore shares in the company. 

The floor price for the offer is pegged at Rs 486 per share. This is a discount of over 15 per cent from the previous closing price on Wednesday.

Hindustan Zinc to consider second interim dividend on August 20

The company via an exchange filing announced that it will consider the second interim dividend for the ongoing FY. And if declared, the shares shall trade ex-dividend on August 28. The company announced Rs 10 per share as the first dividend.

Hindustan Zinc share price performance

Over the last one year, the metal stock has zoomed 70 per cent. The Trendlyne data shows that the consensus recommendation from 12 analysts for Hindustan Zinc is SELL.