Five bankers to manage govt’s HZL stake sale

ICICI Securities, Axis Capital and Citigroup Global Markets are among the five investment bankers selected to manage the sale of the government’s 29.53 per cent residual stake in Hindustan Zinc Ltd, an official said.

Also, HDFC Bank and IIFL Securities will act as investment bankers and work with the government and handle the share sale offers, the official said.

As many as 6 merchant bankers had made a presentation before the government officials on August 12.

The official told that the five bankers selected are ICICI Securities, Axis Capital, Citigroup Global Markets, HDFC Bank and IIFL Securities.

The Department of Investment and Public Asset Management (DIPAM) had in early July invited bids from merchant bankers for managing Hindustan Zinc Ltd (HZL) residual stake and set July 28 as the deadline for putting bids.