India to offer incentives for critical minerals extraction
India plans to provide funding for research institutes to give technical assistance to miners.
Indian miner 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 UK-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)
(By Manvi Pant; Editing by Savio D’Souza and Maju Samuel)
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