Government to sell stake in NFL, RCF in FY17

29 Apr 2016 Evaluate

The government is planning to sell stake in two fertiliser sector firms National Fertilizers (NFL) and Rashtriya Chemicals and Fertilizers (RCF) in 2016-17. The government will fetch about Rs 360 crore from the stake sale.

The Department of Investment and Public Asset Management (DIPAM) has invited bids from merchant bankers for divesting stakes in RCF and NFL. It is planning to sell 5 percent of its equity in RCF and 15 percent in NFL. Both transactions will take place through the offer-for-sale (OFS) or auction route.

The government will appoint two merchant bankers each for the stake sales in NFL and RCF. Five per cent of the offer size will be reserved for eligible employees of the two mini-ratna PSUs who will also be offered a 5 per cent discount on the issue price.

The Centre currently holds 89.71 per cent stake in NFL and the disinvestment will fetch Rs 230 crore. In RCF, it holds 80 per cent and the stake sale will raise about Rs 130 crore.

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