The Government has fixed a floor price of Rs 45 for the share sale of Rashtriya Chemicals and Fertilisers Ltd (RCF). At this price, the Government could mop up over Rs 310 crore from the RCF disinvestment.
The offer for sale in RCF shares will commence on Friday at 9.15 a.m. through the stock exchange mechanism and will close the same day at 3.30 p.m.
The Government of India, which owns 92.5 per cent in RCF, proposes to sell 6,89,61,012 shares of face value Rs 10 each, aggregating to 12.5 per cent of the total paid up capital of the company.
The RCF scrip ended 1.68 per cent lower at Rs 43.85 on the BSE on Thursday. RCF reported a net profit of Rs 73.98 crore on revenues of Rs 1,567.83 crore for the December quarter. For fiscal 2011-12, the company had reported a net profit of Rs 249.24 crore on revenue of Rs 6,433.71 crore.
For the current financial year, the Government had initially targeted disinvestment proceeds of Rs 30,000 crore. However, it has so far managed to get over Rs 21,000 crore through selling part of its stake in public sector units such as the Hindustan Copper, NMDC, NTPC and NBCC.
Other PSUs that may see a share sale over the next couple of weeks include the National Aluminium Company Ltd, MMTC and SAIL. An empowered group of ministers is expected to meet thrice between March 11 and 19 to decide on price for offloading shares in these three PSUs.