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Government To Dilute Its Holding In NFL & RCFL
The government will pare its 20% stake in National Fertilizers (NFL) and 10% of its holding in Rashtriya Chemicals & Fertilizers (RCFL) via the offer for sale (OFS) route. It currently holds 75.71% stake in NFL and 75 percent stake in RCFL.
DIPAM or the department of investment and public asset management has sought EoI from merchant bankers for both divestment projects as well as legal advisers by May 5.
"The Government of India intends to disinvest 20% paid-up equity capital of NFL out of its shareholding of 74.71%, through 'Offer for Sale' (OFS) method of shares by promoters," the department said in a notice inviting tenders issued April 12.
Also, the centre shall consider allotting shares to eligible as well as willing employees of NFL at a discount on the discovered price or the lowest cut off price,
up to a maximum of certain percentage of the OFS size subsequent to completion of the OFS transaction.
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