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Deepak Fertilisers and Petrochemicals Corporation (DFPCL) today said that the government has decided to release the pending Rs 310.52 crore fertiliser subsidy on a bank gurantee of equivalent amount.
In a BSE filing, the company said that the Fertiliser Ministry had withheld a subsidy of Rs 310.52 crores pending decision on recovery of alleged undue gain on account of supply of 'cheap' gas.
"The company has now received an intimation that the Department of Fertiliser would release the balance withheld amount of Rs 310.52 crore on providing a bank guarantee of equivalent amount," it said.
DFPCL is one of India's leading producers of chemicals and fertilisers. It offers about 48 traded products including bulk fertilisers, speciality fertilisers, water soluble fertilisers, micro nutrients and secondary nutrients.
The small-cap company has equity capital of Rs 88.20 crore. Its shares closed at Rs 266.20 apiece on the BSE today.
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