ICICI Securities, Axis Capital and Citigroup Global Markets are the five investment bankers selected to manage the sale of the government’s remaining 29.53% stake in Hindustan Zinc Co Ltd, an official said on Tuesday.

In addition, the official said HDFC Bank and IIFL Securities will act as investment bankers, cooperating with the government and processing stock sale offers.

On August 12, as many as six commercial bankers gave speeches in front of government officials. The official told PTI that the five bankers selected were ICICI Securities, Axis Capital, Citigroup Global Markets, HDFC Bank and IIFL Securities.

The Department of Investment and Public Assets Management (DIPAM) has invited commercial bankers to bid to manage the remaining stake in Hindustan Zinc Limited (HZL) in early July, with July 28 as the deadline for bids.

In addition to seeking regulatory approvals, the selected commercial bankers will assist the government in determining the timing of divestments, obtaining investor feedback and conducting investor roadshows.

HZL is a CPSE managed by the Ministry of Mines and was privatised in 2002. Currently, Vedanta Ltd holds 64.92% of HZL, while the government holds 29.53%. The public only has a 5.5% stake.

The union cabinet had in May approved the sale of the government’s 124.9 crore shares, or 29.53%, in zinc producer HZL, which was sold to mining tycoon Anil Agarwal’s Sterlite Industries in 2002.

The government sold its 26% stake in HZL, together with control, to Sterlite Opportunities and Ventures Ltd (SOVL) on 28 March 2002.

Subsequently, under the terms of the shareholding agreement, the strategic partners exercised their call options and the government transferred 18.92% of the stake to SOVL, which is part of the Agarwal Vedanta group.

Shares of HZL rose 6.85% to close at Rs 292.50 on the BSE. At current market prices, the sale of 124.9 crore shares will bring the Ministry of Finance about Rs 36,000 crore.

The government has budgeted to raise Rs 65,000 crore through CPSE divestment this financial year. Rs 24,544 crore has been achieved so far in this fiscal.