Stock to Watch: RCF
DSIJ Intelligence / 29 Jun 2017
Retail investors will be offered 5 percent discount to the cut-off price as 20 percent is reserved for the retail investors. GoI has set a target of raising Rs 72,500 crore in the current fiscal year.
As part of its divestment drive and with the intent to achieve its steep divestment target set in the Union Budget 2017-18, the government has decided to sell 5 per cent of its stake in Rashtriya Chemical Fertilizers Ltd (RCF) via an offer-for-sale.
As many as 2.75 crore equity shares will be on offer at a floor price of Rs 74.25 per share as per information filed by the company on the bourses on Wednesday.
GoI holds 80 percent in the company and is looking to raise Rs 200 crore from the stake sale in RCF.
The issue opens on June 29. Retail investors will be offered 5 percent discount to the cut-off price as 20 percent is reserved for the retail investors. GoI has set a target of raising Rs 72,500 crore in the current fiscal year.
RCF over one year period has gained more than 73 percent and on YTD basis is up by 71 percent.
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