Publicly listed metals and mining firm Vedanta is to sell its Zinc International assets held by THL Zinc Ventures Ltd (Mauritius) (THLZV), a wholly-owned subsidiary held through THL Zinc Ltd (Mauritius) (THLZ). The sale comprises shares held in Black Mountain Mining Pty Ltd, South Africa (69.6%) and THL Zinc Namibia Holdings (Pty) Ltd (100%), Namibia, to the proposed wholly owned subsidiary (SPV) of Hindustan Zinc Ltd (HZL), another listed subsidiary of the company, for USD 2.981 Billion in cash. Post deal, THLZ will become a wholly owned subsidiary of the SPV.
Currently, THLZ is a wholly owned subsidiary of THLZV. Further, Vedanta also holds 64.92% of the equity share capital of HZL. THLZ will use the funds received from the SPV to provide suitable exit to THLZV.
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