The union cabinet has cleared the selling of the government’s remaining stake in Hindustan Zinc, according to sources. Currently, the government owns a 29.5 per cent stake in Hindustan Zinc.

The stake sale by the government is likely to fetch Rs 36,000 crore.

The Supreme Court had on November 18 last year allowed the Centre to disinvest its residual 29.5 per cent stake in Hindustan Zinc Limited (HZL) in the open market.

The top court allowed the sale as HZL ceased to remain a government company since the sale of its majority stake in 2002.

The Apex court had taken objection to the closure of a preliminary inquiry (PE) by the CBI in the HZL disinvestment during 1997-2003 and directed registration of a regular case by CBI and to fully investigate the Atal Bihari Vajpayee-led NDA government’s 2002 decision to disinvest its majority shareholding in HZL.

HINDUSTAN ZINC SHARE PRICE

Hindustan Zinc Ltd share price was up by 6.26 per cent or 18.50 at Rs 311.35 on NSE. On BSE, Hindustan Zinc Ltd’s share price was up by 5.58 per cent or 16.50 points to Rs 312.20.