New Delhi, June 18 -- Mining and metals major Vedanta confirms paring stake in subsidiary Hindustan Zinc on Wednesday, June 18, in a bid to deleverage and strengthen its balance sheet.

Several media reports yesterday indicated that Vedanta, the promoter of Hindustan Zinc, was looking to pare its stake in the company, with the deal size initially pegged at Rs.7,500 crore, according to CNBC-TV 18. However, today morning, 7.2 crore shares, representing 1.71% equity, worth Rs.3,323 crore changed hands at Rs.460.5 per share via block deals, the business news channel said.

While the sellers were not known then, Vedanta later today disclosed selling a 1.6% stake in the company.

Vedanta Limited announces that it has sold 66.7 million shares in...