Govt to divest 5% stake in RCF, to raise Rs 200 crore

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In line with its decision to divest from PSUs, the government has announced the sale of over 2.75 crore equity shares in Rashtriya Chemicals and Fertilizers (RCF) for about Rs 200 crore on Thursday.

At present, the government’s stake in RCF stands at 80%. It will offload 5% through the Offer for Sale (OFS) route. The floor price shall be Rs 74.25 per equity share. The shares will be sold through a separate, designated window of the stock exchanges on June 29-30.

“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,” said RCF in a BSE filing.

Non-retail investors can place their bids on June 29, whereas retail investors and non-retail investors can place them on the following day.

Retail investors will be allocated offer shares at a 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, reported a leading news agency.

Meanwhile, RCF was trading at Rs 76.70 per share, down by 4% at 0944 hours on BSE

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