Oct 24, 2013, 09.18 PM IST
Finance ministry is very keen that the stake sale does indeed take place, mines ministry is still insisting that the Metal Corporation Act would have to be amended. Even in a cabinet note that it had prepared the mines ministry is sticking to its stance over there.
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Govt wasting time on HZL, Balco stake sale: Anil Agarwal
Finance ministry is very keen that the stake sale does indeed take place, mines ministry is still insisting that the Metal Corporation Act would have to be amended. Even in a cabinet note that it had prepared the mines ministry is sticking to its stance over there.
Like this story, share it with millions of investors on M3
Govt wasting time on HZL, Balco stake sale: Anil Agarwal
Finance ministry is very keen that the stake sale does indeed take place, mines ministry is still insisting that the Metal Corporation Act would have to be amended. Even in a cabinet note that it had prepared the mines ministry is sticking to its stance over there.
Also Read: Vedanta hopeful of govt taking Rs 21,600 cr divestment bait
Anil Agarwal, Chairman, Vedanta, says: "The intention that we can merge together, we can have a fungibility, so this year this was the intention. The government also keeps telling us but it also doesn't want us to buy the share. This share government wants to disinvest. It can offload in the market, it can give it to us, but they have to take a view. It is probably unnecessarily spending so much of time. We are always ready."
CNBC-TV18's Nayantara Rai reports that this has been in the works for a very long time and the part of the problem is that the government is still deciding whether it can look at an out of court settlement, etc.
Finance Ministry is very keen for this stake sale to take place. The Mines Ministry is still insisting that the Metal Corporation Act would have to be amended. Even in a cabinet note that it had prepared, the mines ministry has been sticking to its stance over there.
Meanwhile, Vedanta chairman added that business as usual, but he would like to have full control and ownership of both of these companies. He also insisted that this is not a revised offer to the government, but merely an enabling resolution that is going to be taken from shareholders on October 31 in London.
Further, he added that as of now, there are no discussions about Vedanta buying Cairn Energy's minority stake in Cairn India , but he is open to it and this could be looked at a later stage.
On October 24, 2013, Hindustan Zinc closed at Rs 134.10, down Rs 0.4, or 0.3 percent. The 52-week high of the share was Rs 146.80 and the 52-week low was Rs 94.00.
The company's trailing 12-month (TTM) EPS was at Rs 16.75 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 8.01. The latest book value of the company is Rs 76.39 per share. At current value, the price-to-book value of the company was 1.76.
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