DoD selects RBSA for valuing Hindustan Zinc

Tags: News
The Finance Ministry has shorlisted RBSA Valuation Advisers for undertaking fresh valuation of Hindustan Zinc (HZL) and push through a long-pending sale of the government's residual stake in the company in the current financial year.

The Department of Disinvestment (DoD) today shortlisted RBSA Valuation Advisers for the purpose, sources said.

Others who were contending for the job include IFCI Ltd, Resurgent India Ltd and SPA Capital Advisers.

The DoD had last month invited proposals from merchant bankers or chartered accountant firms with experience in handling valuation of companies to assess fair share value of HZL.

HZL had a paid-up capital of Rs 845 crore as of March 31, 2013. The government holds a 29.54 per cent stake in the company.

The government sold majority stakes in the erstwhile PSU to the Vedanta group during 2001-03. At present, London-listed Vedanta holds a 64.92 per cent stake in HZL.

Last October, Vedanta shareholders approved increasing the offer to acquire the government's remaining stake in HZL.

The Vedanta board is now empowered to make an offer of up to Rs 21,636.56 crore for the government's stake.

At the current share price of Rs 172.10, the HZL stake sale would fetch about Rs 21,000 crore.

The department was waiting for the general elections to get over before proceeding with the appointment of valuers for HZL.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • This is right time for retail investors to enter the debt market

    Quite often, retail investors are ridiculed for entering the equities market in droves, signalling the first signs of a bubble on the Street.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Cost of education must be controlled

In India, we pay very little attention to the cost ...

Zehra Naqvi

What imperfections in nature teach man

Each one of us has faced a time when we ...

Dharmendra Khandal

A wondrous world under the ground

Burrows and dens are safe homes for many kinds of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture