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Govt to divest 5% in RCF on 29-30 June, to raise Rs 200 crore

LiveMint logoLiveMint 28-06-2017 PTI

New Delhi: The government will sell over 2.75 crore equity shares in Rashtriya Chemicals and Fertilisers (RCF) on 29-30 June for about Rs200 crore as part of its plan to divest shares in PSUs.

The government currently holds 80% stake in RCF and will offload 5% through the Offer for Sale (OFS) route.

“The President of India (acting through and represented by the Ministry of Chemicals & Fertilizers, Government of India) announced its intention to sell up to 2,75,84,405 equity shares of the company, representing 5% of the total paid up equity share capital of the company,” RCF said in a regulatory filing.

The floor price would be Rs74.25 crore per equity share. The shares will be sold through a separate, designated window of the stock exchanges.

On 29 June, only non-retail investors can place their bids while on the following day, retail investors as well as non-retail investors who chose to carry forward their bids, can place them.

Retail investors will be allocated offer shares at the discounted price, which is at a discount of 5% to the cut-off price. 20% of the offer size will be reserved for retail investors.

So far, the government has garnered nearly Rs6,400 crore from PSU disinvestment in the current fiscal. The Budget had estimated to collect Rs72,500 crore through minority sale and strategic stake sale of CPSEs.

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