Stake sale in RCF fetches Rs.310 crore

A file picture of Mr. R.G. Rajan, CMD of Rashtriya Chemicals & Fertilizers at a press meet in Mumbai. Photo: Paul Noronha.  

The Central Government on Friday succeeded in mopping up about Rs.310 crore from the sale of 12.5 per cent of its stake in Rashtriya Chemicals and Fertilisers Ltd. (RCF) through the OFS (Offer for Sale) route.

A Finance Ministry statement said: “Rashtriya Chemicals & Fertilisers Ltd (RCF) issue has been subscribed over 1.3 times. The government will receive approximately Rs.310 crore from the sale proceeds. The issue was subscribed by all categories of investors, including retail investors”.

As per the stock exchanges’ data, the auction got bids for over 7.94 crore shares (as of 1525 hrs) against an offer of over 6.89 crore. The indicative price which, in effect, is the weighted average price of all valid bids, was Rs.45.02 a share.

On the day of the OFS, RCF shares closed trading at Rs.45.40, up 3.53 per cent from its previous close on the BSE after touching a high of Rs.46.40 in early trade.

Following the sell-off, the government’s holding in RCF will be down to 80 per cent.

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Printable version | Jan 7, 2021 1:04:44 PM |

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