The government is seeking to dilute its remaining 29.5% stake in Hindustan Zinc this financial year, CNBC TV-18 reported on September 12. ICICI Securities, Axis Capital, HDFC Bank, Citigroup and IIFL Securities have been appointed commercial bankers on the issue.

On August 12, as many as six commercial bankers gave speeches in front of government officials. The Department of Investment and Public Assets Management (DIPAM) has invited commercial bankers to bid in early July to manage the sale of the remaining stake in Hindustan Zinc Ltd (HZL). It has set a deadline for bids on July 28.

Hindustan Zinc was a Central Public Service Enterprise (CPSE) under the administrative control of the Ministry of Mines and was privatised in 2002. Vedanta Ltd holds 64.92% of the company, while the government holds 29.53%. The public now owns only 5.5% of the shares.

The government has planned to raise Rs 65,000 crore through CPSE divestment this financial year. To date, it has achieved Rs 24,544 crore. Shares of HZL closed at Rs 289.45 per share on Friday, up 0.26%.