Hindustan Zinc Promoter Vedanta Releases Pledge On 3% Shares From Axis Trustee

Hindustan Zinc, a subsidiary of Vedanta, has regained ownership of 13.94 crore shares representing 3.3 per cent of the equity that was pledged to Axis Trustee, the company announced through an exchange filing. The shares were on the National Stock Exchange of India and Bombay Stock Exchange.

Prior to the release of the shares Axis Trustee held 32,32,11,858 shares representing 7.65 per cent stake in the company. However, it has shed 13,94,35,527 shares representing 3.3 per cent stake in the company.

Axis Trustee now holds a 4.34 per cent stake in Hindustan Zinc representing 18,37,76,331 shares.

Earlier this month, in a similar move Hindustan Zinc announced an augmentation in pledged shares in favour of Citi.

Hindustan Zinc earnings

Hindustan Zinc's revenue from operations during the quarter was Rs 7,282 Crore, down 22.4 per cent year-on-year on account of lower zinc & lead LME, lower lead volumes and differential strategic hedging impact partly offset by higher zinc and silver volumes, improved silver prices and favourable exchange rates.

EBITDA for the quarter was Rs 3,359 Crore, down 36.4 per cent y-o-y and 20.2 per cent sequentially, mainly on account of lower zinc & lead LME partly offset by lower costs and better silver prices.