Hindustan Zinc Limited pays dividend of Rs. 187.19 crore

PIB/Hyderabad Deccan News 02 Nov 2011 : The cheque of final dividend for financial year 2011-12 amounting to Rs. 187.19 crore was handed over to Shri Dinsha J. Patel, Union Minister of Mines, by COO of Hindustan Zinc Limited here today, in the presence of Shri S. Vijay Kumar, Secretary, Ministry of Mines, Shri S.K. Srivastava, Additional Secretary, Ministry of Mines and other senior officials of the Ministry and the company. Hindustan Zinc Limited have approved interim dividend for 2011-12 @ 75% i.e.Rs.1.50 per equity share of Rs.2/- each. This is the highest ever dividend declared by the Company.

Out of its total holding of 75.92% shares in HZL, Government of India disinvested 26% in favour of Sterlite Opportunities and Ventures Ltd. (SOVL) on 28th March, 2002 and the management control of the company was also transferred to SOVL on 11th April, 2002. Government of India further offloaded 18.92% of its equity in HZL in 2003 in favour of SOVL in response to the Call Option exercised by them in terms of the Shareholders' Agreement.

The current shareholding of the SOVL in HZL is 64.92% and that of Government of India is 29.5351%, while the remaining 5.5449% shares are held by institutional investors, private corporate bodies, Indian Public etc.

SKS



Brief Note on Hindustan Zinc Limited

Hindustan Zinc Limited was incorporated from the erstwhile Metal Corporation of India on 10 January 1966 as a Public Sector Undertaking. HZL is the world's largest integrated producer of Zinc-Lead.

It has a metal production capacity of 1,064,000 tonnes per annum with its smelter operations situated in Chanderiya, Debari, Dariba and Visakhapatnam. HZL has Lead-Zinc mines in Rampura Agucha, Sindesar Khurd, Rajpura Dariba and Zawar.

Products of the company are zinc-lead and silver.

Besides Company has also invested in wind power of 273 MW.

HZL has over 6,500 employees. The Company is a subsidiary of the NYSE listed, Sterlite Industries (India) Limited (NYSE: SLT) and London listed FTSE 100 diversified metals and mining major, Vedanta Resources plc.

Out of its total holding of 75.92% shares in HZL, Government of India disinvested 26% in favour of Sterlite Opportunities and Ventures Ltd. (SOVL) on 28th March, 2002 and the management control of the company was also transferred to SOVL on 11th April, 2002.

Government of India introduced Employees Share Purchase Scheme (ESPS) in HZL in the year 2002 and offered 5% shares to employees of HZL who were on the rolls of the Company on the date of disinvestment. But the employees subscribed only 1.4644% shares.

Government of India further offloaded 18.92% of its equity in HZL in 2003 in favour of SOVL in response to the Call Option exercised by them in terms of the Shareholders' Agreement. The current shareholding of the SOVL in HZL is 64.92% and that of Government of India is 29.5351%, while the remaining 5.5449% shares are held by institutional investors, private corporate bodies, Indian Public etc.

The Board of Directors of Hindustan Zinc Limited in its meeting held on 19th October, 2011 have approved interim dividend for 2011-12 @ 75% i.e.Rs.1.50 per equity share of Rs.2/- each. This is the highest ever dividend declared by the Company. The amount of interim dividend being paid to Government on its holding in HZL is Rs.187.19 crore.




2011-11-02



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