The scrip touched a high of Rs 322.45 on the National Stock Exchange as against Rs 309.55 at the previous close.
“Wish to inform you that the Supreme Court has passed a judgment in writ petition no. 229 of 2014 on November 18, 2021. The Supreme Court vide its judgment has allowed the Government to go ahead with its proposal to divest its complete stake in Hindustan Zinc Limited, a subsidiary of the Company (HZL) in the open market and in accordance with the rules and regulations of SEBI,” Vedanta said in a filing to the BSE on Thursday. Equity markets were shut on Friday on account of Guru Nanak Jayanti.
While the Supreme Court ordered an investigation into alleged irregularities in previous attempts to divest stake in Hindustan Zinc, it did not prevent the proposed disinvestment of the government’s 29.54 per cent residual shareholding in the open market and instructed that it be done strictly in accordance with the rules of the Securities and Exchange Board of India.
Vedanta’s shares have been experiencing a bout of volatility of late with the scrip losing 10 per cent in the previous week after the company made a demerger announcement.
