Hindustan Zinc shares jump 7% on fund-raising plan

Shares of Hindustan Zinc Ltd (HZL) on Wednesday gained 7 per cent after the company said its board-constituted panel has approved plan to raise up to Rs 4,000 crore through non-convertible debentures. The stock jumped 7 per cent to Rs 222.75 on the BSE.

At the NSE, it rose by 7 per cent to Rs 222.90.

The approval on the same was given during the meeting of the committee of directors held on Tuesday, HZL said in a BSE filing on Tuesday.

"The duly authorised committee of directors...considered and approved offering for subscription on a private placement basis, up to 40,000 unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) of a face value Rs 10,00,000 each," the filing said.

It added that the fundraising would aggregate up to Rs 4,000 crore, including the option to retain oversubscription of up to Rs 1,000 crore.

HZL is a subsidiary of Vedanta Ltd.