Sep 26, 2012, 09.29 AM | Source: CNBC-TV18
Rashtriya Chemicals and Fertilizers (RCF) is the latest divestment candidate, with finance ministry proposing a 12.5% stake sale via the offer for sale (OFS) route.
The finance ministry is looking to raise nearly Rs 368 crore through the RCF stake sale. Last week, North Block had proposed a 9.5% divestment in NTPC to meet nearly half of the Rs 30,000 crore targeted divestment proceeds. The government will retain 80% stake in the company post the stake sale.
Sources say about 68.96 million RCF shares are likely to be put up for sale, spread out in tranches over time.
In a note floated for CCEA approval, the finance ministry has said an EGoM will have final say on the floor price for the RCF issue and also in how many tranches the stake sale will take place. Also, options other than OFS are open if market conditions warrant.
The RCF stock shot by over 3% on the back of the disinvestment news.