The stake-sale is part of New Delhi's search for funds to deliver on its pledge to narrow the fiscal deficit to 4.8 percent of gross domestic product in the fiscal year ending in March 2014 from 4.9 percent a year earlier.
The government aims to raise around USD 9 billion selling assets this fiscal year. So far, the stake-sale programme has fetched just 3 percent of the target.
Vedanta, founded by billionaire Anil Agarwal, won the support of its shareholders in October to offer up to USD 3.48 billion to buy the government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.
To boost its coffers, the government will also sale a 10 percent stake in Indian Oil Corp . Additionally, it is counting on a USD 2.98 billion dividend payout from state-run Coal India Ltd .
The fiscal gap reached nearly 94 percent of the full-year target between April and November, casting doubts on the government's ability to deliver on its promise.
Hind Zinc stock price
On January 20, 2014, Hindustan Zinc closed at Rs 132.55, up Rs 3.10, or 2.39 percent. The 52-week high of the share was Rs 140.45 and the 52-week low was Rs 94.00.
The company's trailing 12-month (TTM) EPS was at Rs 17.01 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.79. The latest book value of the company is Rs 76.39 per share. At current value, the price-to-book value of the company is 1.74.
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