RCF moves ahead on divestment bids

DALAL STREET SPIKES

RCF was in the limelight as the scrip gained Rs 2 to touch a high of Rs 55.90 before closing at Rs 52.48 in a rather subdued market.

The stock was abuzz on the news that leading corporates including Reliance, Tatas and Birla group have submitted their expressions of interest to buy the government's 51 per cent stake which will be divested.

According to market sources, Tata Chemicals, Indo Gulf Fertilisers, Chambal Fertilisers, Zuari Industries, IFFCO, RCF Employees Union and an overseas company are among the other bidders for the PSU company.

The counter witnessed volumes of more than two lakh shares at the BSE. The stock has now risen more than 30 per cent from Rs 40.65 on January 22.

The government is selling its 51 per cent stake in the company and had appointed I-Sec as the advisor to the disinvestment. The government currently holds 92.5 per cent stake in RCF.