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The investment, as per Hindustan Zinc, is part of its strategy to double the capacity of zinc, lead and silver.

The government plans to sell approximately 5.28 crore shares amounting to 1.25% of the equity, with an option to add another 1.25% of equity.

Majority of these shares or 56.87% of Vedanta’s holding, are pledged with the SBI Trustee Capital. This latest 2.44% pledge has been created in favour of Axis Trustee Services.

Currently, Vedanta Ltd holds 64.92 per cent in HZL, while the government holds 29.53 per cent. Only a 5.5 per cent stake is with the public.

The Union Cabinet on Wednesday approved 29.5% stake sale in Hindustan Zinc Ltd (HZL) as part of the government’s disinvestment drive, according to sources.

The PE was closed on March 6, 2017, by the CBI without registering a regular case stating that it did not disclose facts that would warrant the registration of a criminal case.