Vedanta sweetens offer for govt's stake in Hind Zinc, Balco

Oct 15, 2013, 06.46 PM IST

Vedanta currently holds 51% stake in Balco and 64.92% stake in Hindustan Zinc through its subsidiary Sesa Sterlite.

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Vedanta sweetens offer for govt's stake in Hind Zinc, Balco

Vedanta currently holds 51% stake in Balco and 64.92% stake in Hindustan Zinc through its subsidiary Sesa Sterlite.

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Vedanta sweetens offer for govt's stake in Hind Zinc, Balco

Vedanta currently holds 51% stake in Balco and 64.92% stake in Hindustan Zinc through its subsidiary Sesa Sterlite.

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Vedanta Resources has received an enabling resolution from its shareholders for acquiring majority stakes in Hindustan Zinc and Bharat Aluminium Company (Balco). The company had taken shareholders' approval in August last year to raise the offer by up to 25%, which needed to be renewed after a year. But Vedanta did not seek renewal due to stalled talks and lack of clarity, following which the approval expired.

The London-lister mining conglomerate, which had acquired majority stake in Balco and Hindustan Zinc during 2001-2003, is said to have sweetened the initial offer by USD 40 million for buying majority stakes in both the companies, reports CNBC-TV18. The new offer for owning government's 29.5 percent stake in Hindustan Zinc now stands at USD 3.48 billion and that for buying 49 percent stake in Balco stands at USD 487 million, sources told CNBC-TV18.

Vedanta has been in talks with the government for more than two years now on acquiring remaining stakes in the two firms. It currently holds 51% stake in Balco and 64.92% stake in Hindustan Zinc through its subsidiary Sterlite Industries .

At present, Hindustan Zinc is the richest profit-making subsidiary of Vedanta with a cash and cash equivalent of Rs 22,365 crore as on June 2013. 
 
Similarly, Balco — an unlisted company— had produced about 2,47,000 tonne of Aluminium and had about 18% market share by production volume in the country in 2012-13. It had reported a gross revenue of Rs 3,426 crore and profit after tax of Rs 37 crore during the last fiscal.

(With inputs from PTI)

On August 26, 2013, Sterlite Industries (India) closed at Rs 90.20, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 123.35 and the 52-week low was Rs 70.00.

The company's trailing 12-month (TTM) EPS was at Rs 5.22 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 17.28. The latest book value of the company is Rs 78.25 per share. At current value, the price-to-book value of the company was 1.15.

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