Sterlite buys more Govt stake in Hindustan Zinc

Thursday, 13 November 2003, 20:30 IST
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MUMBAI: Sterlite Industries Ltd, India's largest non-ferrous metals producer, has acquired another 18.92 per cent of Hindustan Zinc Ltd from the Government, taking its stake in the company to 64.92 per cent, a spokesman for Sterlite said on Thursday. Sterlite took control of Hindustan Zinc, India's largest zinc and lead maker, last year after it bought a 26 per cent stake from the Government as part of a privatisation programme and another 20 per cent from other shareholders. The spokesman for Sterlite said the latest share purchase was made at Rs 40.5, the same price the company paid to the Government for the initial controlling stake. Hindustan Zinc's shares were trading at Rs 116 in early trade at the Bombay Stock Exchange on Thursday. The Government still holds a 29.54 per cent stake in Hindustan Zinc, according to data from the Bombay Stock Exchange.
Source: IANS
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