The Government has decided to sell 12.5 per cent stake in Rashtriya Chemical and Ferilisers (RCF) through the Offer For Sale (OFS) on Friday. The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, met today in New Delhi and decided on the stake sale. Talking to reporters following the meeting, Disinvestment Secretary Ravi Mathur said the Government wil divest 12.5 per cent stake or 6.89 crore shares, of the company.
Sources said the government could raise between 250 to 300 crore rupees from the stake sale. The government holds 92.5 per cent stake in RCF and the paid up capital of the company is 551.69 crore rupees. The Cabinet had in December approved the stake sale of RCF.
The RCF 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 24,000 crore rupees through disinvestment in the current fiscal, lower than the budgeted 30,000 crore rupees.