RCF rallies as CCEA approves disinvestment plan

Rashtriya Chemicals and Fertilisers (RCF) has moved higher by 5% at Rs 58.25 on reports that the Cabinet Committee on Economic Affairs (CCEA) approves divestment of 12.5% equity of the Government’s holdings. At present, the Government holds 92.5% in the fertiliser company.

The offloading of 12.5% equity will help the company to meet the minimum public shareholding of 10%, as prescribed by SEBI and needs to be completed by August 2013.

In recent interview to CNBC-TV18, RG Rajan, chairman and managing director of RCF, said that he expects disinvestment in the company to happen in the last quarter of this financial year and via offer-for-sale.

 

The stock opened at Rs 57.30 and hit a high of Rs 58.95 on the NSE. A combined 2.06 million shares have changed hands on the counter so far on both the exchanges.