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CCEA approves NFL disinvestment

By Religare
|

The Cabinet Committee on Economic Affiars (CCEA) on Thursday approved disinvestment of 7.6 per cent of government stake in National Fertiliser Ltd (NFL) via Offer-for-Sale (OFS) which is expected to fetch Rs 125 crore.

The government currently holds 97.6 per cent stake in NFL and as per Sebi's norms, PSUs promoters have to bring their stake down to 90 per cent by August 9.

IDBI Capital Market Services, Avendus Capital, SBI Cap and Kotak Investment Banking are said to be in race for managing the stake sale of NFL.

 

The government plans to raise Rs 40,000 crore by way of disinvestments in the current fiscal and almost half of it is expected to come from Coal India Ltd (CIL).

Besides, the way has been cleared for disinvestment in Neyveli Lignite also which is expected to garner Rs 466 crore for the exchequer.

Read more about: national fertilizers
Story first published: Friday, June 28, 2013, 9:21 [IST]
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