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Centre plans to sell 10% stake in Rashtriya Chemicals via OFS
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SME Times News Bureau | 04 Jan, 2021
The Union Government plans to sell 10 per cent stake in Rashtriya
Chemicals and Fertilisers Ltd (RCFL) through offer for sale (OFS).
The
Department of Investment and Public Asset Management has sought bids
from law firms to act as legal advisers and assist the government in the
process.
A domestic law firm will act as the legal adviser to
the transaction and submit proposals in a consortium with an
international law firm of repute, with similar experience and expertise
in public offerings or OFS in capital markets, DIPAM said in a notice.
The Centre currently holds 75 per cent stake in the public sector undertaking (PSU).
The
notice said: "The GoI intends to disinvest 10 per cent paid up equity
capital of RCFL out of its shareholding of 75.0006 per cent, through
'Offer for Sale (OFS) method of shares by promoters through the stock
exchanges' as per Securities and Exchange Board of India (SEBI) Rules
and Regulations."
The government is also considering allotting
shares to eligible and willing employees of the RCFL at a discount on
the issue or discovered price up to a maximum of certain percentage of
the OFS size subsequent to completion of the transaction under OFS.
The
percentage and extent shall be decided in due course. The notice also
said that merchant bankers or selling brokers will be required to render
such assistance.
Rashtriya Chemicals & Fertilisers Ltd is a
Mini-Ratna fertiliers and chemicals manufacturing company under the
administrative control of Ministry of Chemicals and Fertilisers.
It
has two operating units, one at Trombay in Mumbai and the other at Thal
in Maharashtra's Raigad district, about 100 km from Mumbai. RCFL
manufactures urea, complex fertilisers, bio-fertilisers,
micro-nutrients, 100 per cent water soluble fertilisers, soil
conditioners and a wide range of industrial chemicals.
The
authorised share capital of the company is Rs 800 crore and the paid-up
equity capital is Rs 551.69 crore as on March 31, 2020.
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