'DIVIDEND PAYOUTS OVER RS 1.1 LK CR, 562X SHAREHOLDER RETURNS...' - ANIL AGARWAL ON VEDANTA'S 'CROWN JEWEL'
Anil Agarwal, Vedanta Group Chairman, hailed Hindustan Zinc Limited (HZL), a subsidiary of mining conglomerate Vedanta Ltd, as a “crown jewel” for Vedanta, highlighting its strategic importance within the group’s portfolio.
Emphasising its global standing and outstanding financial performance over the years, Agarwal said HZL's contributes to the Indian economy and national security through its production of strategic minerals like zinc and silver.
Taking to X (formerly known as Twitter) on August 21, Agarwal said, “Hindustan Zinc is a crown jewel for Vedanta. As the world’s second-largest integrated producer of Zinc and third-largest Silver producer, HZL continues to create immense value for all its shareholders.”
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Agarwal further informed in the post that in the past two decades, HZL has delivered total shareholder returns of 562x. Similarly, in the past 10 years itself, HZL’s dividend payouts are over Rs. 1.1 lakh crore – amongst the highest in the country.
“Committed to nation-building, Hindustan Zinc has contributed around Rs. 80,000 crore to the national exchequer in last five years,” he claimed in the post.
"The future for HZL shines bright as it supplies both Zinc & Silver, which are key minerals for national security, and drives up capacities for both with a strong focus on recycling and future minerals. Let’s stay single-mindedly focused on serving the needs of a rapidly growing nation," he added.
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Hindustan Zinc Offer For Sale
The offer for sale (OFS) of Hindustan Zinc Limited (HZL) opened on August 16 and concluded on August 19, with a floor price set at Rs 486 per share.Vedanta sold 63.6 million shares of Hindustan Zinc in the two-day OFS. The promoter Vedanta, initially aimed to raise up to Rs 6,500 crore by divesting a 3.17% stake.
However, Vedanta fell short of meeting its initially targeted proceeds from the OFS in the group entity, with the exercise netting Rs 3,100 crore for the resources conglomerate that had first sought to garner up to Rs 6,500 crore in stake dilution but later reduced the OFS size, as per ET report.
The natural resources company held a 64.92 per cent stake in the zinc company as of June and offloaded a 1.5 per cent stake through the OFS.
2024-08-25T03:59:55Z dg43tfdfdgfd