The government could raise between Rs250-Rs300 crore from the stake sale. The government holds 92.5% stake in RCF and the paid-up capital of the company is Rs551.69 crore
The government is set to offload 12.5% stake in Rashtriya Chemicals and Fertilizers (RCF) through the Offer for Sale route on 8th March. The Empowered Group of Ministers (EGoM) on disinvestment, headed by finance minister P Chidambaram, met today and decided on the stake sale.
“EGoM met today and the notice to exchanges will be given today evening and OFS will come day after tomorrow. The government will divest 12.5% stake,” disinvestment secretary Ravi Mathur informed the media.
The finance ministry is considering to sell 12.5% stake or 6.89 crore shares of the company through the OFS route.
Sources said the government could raise between Rs250-Rs300 crore from the stake sale. The government holds 92.5% stake in RCF and the paid-up capital of the company is Rs551.69 crore.
The Cabinet had approved the RCF stake sale in December. The stake sale would help the government inch closer to the disinvestment target for the current fiscal.
As per the revised estimates, the government is likely to raise Rs24,000 crore through stake sale in various PSUs, lower than the budgeted Rs 30,000 crore. So far this fiscal, it has raised over Rs21,500 crore.
In the remaining weeks of the fiscal ending 31st March, the finance ministry plans to sell stake in three more companies — MMTC, SAIL and Nalco.
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