The government is all set to offload 12.5% stake or 6.89 crore shares in Rashtriya Chemicals and Fertilizers (RCF) via Offer for Sale route (OFS) on March 8, 2013, which could raise the centre a sum between Rs 250-300 crore. The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, in a meeting held on March 6, decided the same.
The stake sale would help the Centre inch closer to the disinvestment target for the current fiscal. As per the revised estimates, the government is likely to raise Rs 24,000 crore lower than the budgeted Rs 30,000 crore. So far this fiscal, it has raised over Rs 21,500 crore.
The company has reported 37.13% rise in its net profit at Rs 73.98 crore for the third quarter ended December 31, 2012 as compared to Rs 53.95 crore for the same quarter in the previous year. However, total income from operation of the company has decreased by 3.04% at Rs 1567.83 crore for quarter under review as compared to Rs 1617.05 crore for the quarter ended December 31, 2011.
