The government is considering divesing 10 per cent stake in National Fertilisers Ltd (NFL) and up to 20 per cent in Rashtriya Chemicals and Fertilisers Ltd (RCF), a senior official in the Fertiliser Ministry said. The government holds 97.64 per cent stake in NFL and 92.5 per cent in RCF.
“The proposals to divest stake in the two public sector companies are under consideration of the fertiliser ministry, finance ministry and other related ministries,” he added.
“The proposal to sell stake in NFL had been made by both the fertiliser ministry and the department of disinvestment, while that of RCF was been made by the department of disinvestment,” he said.
NFL shares on Tuesday rose by 0.25 per cent, from its previous close to Rs 80.65 a piece on the Bombay Stock Exchnage, while shares of RCF gained 1.06 per cent to Rs 57.30. At Tuesday’s share price, NFL’s total market capitalisation stood at Rs 3,956 crore, while that of RCF was Rs 3,161 crore.
The government has fixed a target of Rs 30,000 crore from disinvestment of central public sector enterprises in the current financial year.
In the last financial year, against a target of Rs 40,000 crore, the government could mop up only Rs 14,000 crore due to volatile stock market conditions.