Govt to sell 68.9 mn shares in RCF via OFS

The government is set to sell up to 68.90 million shares of Rashtriya Chemicals and Fertilizers (RCF) through the stock exchanges at a minimum price of Rs 45 a piece on Friday. The offer for sale (OFS), which is priced at a 2.6 per cent premium to Thursday's closing price of Rs 43.85, will help the government raise about Rs 310 crore. Analysts said investors can consider bidding for RCF shares in the OFS on Friday. "The valuation at Rs 45 is cheap (at roughly 10 times price to earnings) and the company is debt free. It's a good buy for long-term investors," said S P Tulsian, a Mumbai-based independent analyst.