New Delhi : The public offer to sell 12.5% stake in Rashtriya Chemical and Ferilisers (RCF), which could fetch around Rs 300 crore to the exchequer, will hit the markets on March 8.
“Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, met on Wednesday and decided on the stake sale. Government wil divest 12.5 per cent stake,” Disinvestment Secretary Ravi Mathur told reporters.
The Finance Ministry is considering to sell 12.5 % stake or 6.89 crore shares of the company through the Offer For Sale (OFS) route. Shares of RCF ended flat at Rs 44.60 on the BSE.
The government holds 92.5 per cent stake in RCF and the paid up capital of the company is Rs 551.69 crore. The RCF stake sale would help the government inch closer to its disinvestment target for the current fiscal. As per revised estimates, the government is likely to raise Rs 24,000 crore through disinvestment in the current fiscal, lower than the budgeted Rs 30,000 crore.
So far this fiscal, it has raised over Rs 21,500 crore. In the remaining weeks of the current fiscal ending March 31, the Finance Ministry plans to sell stake in three more companies — MMTC, SAIL and NALCO.