The Hindu Business Line
Sterlite favours mutually agreed price for buyback
Edited by : AL CIRCLE
1 min read
Vedanta group company Sterlite has favoured a mutually agreed price for buying back the Government's residual stake in aluminium company Balco. For Hindustan Zinc, it has requested adoption of the formula devised by the Securities and Exchange Board of India's (SEBI).
At present, the Government has residual stake of 49 per cent in Balco and 29.53 per cent in Hindustan Zinc. Both the companies were strategically divested by the Government.
A person familiar with the development told Business Line that “Sterlite has responded positively to the Government letter.” The letter was sent to Sterlite following the Empowered Group of Ministers' (EGoM) decision on November 30.
The EGoM had decided to ask Sterlite to send a formal proposal in response to Vedanta Chairman, Mr Anil Agarwal's letter to the Prime Minister on July 4.
At present, the Government has residual stake of 49 per cent in Balco and 29.53 per cent in Hindustan Zinc. Both the companies were strategically divested by the Government.
A person familiar with the development told Business Line that “Sterlite has responded positively to the Government letter.” The letter was sent to Sterlite following the Empowered Group of Ministers' (EGoM) decision on November 30.
The EGoM had decided to ask Sterlite to send a formal proposal in response to Vedanta Chairman, Mr Anil Agarwal's letter to the Prime Minister on July 4.
Previous article
Aluminium Bahrain says sales up despite tough year
Next articleBHP hints that earnings expectations may be too high
Grow with
AL Circle
_md.webp)
