National Fertlisers rallies 5% ahead of CCEA meet on stake sale
The government which holds 97.64% stake in NFL, plans to disinvest 7.64 per cent stake, or over 3.74 crore shares in the domestic market.
By ET Online |
NEW DELHI: National Fertilisers Ltd rallied over 5 per cent on Thursday, ahead of the Cabinet Committee on Economic Affairs (CCEA) meet on government’s stake sale in the company.
At 10:00 a.m.; the stock pared some of its morning gains and was trading 1.1 per cent higher at Rs 34.90. It hit a low of Rs 34.75 and a high of Rs 36.25 in trade today.
Government will take a decision on the proposal for 7.64 per cent stake sale in National Fertilisers Ltd ( NFL), which is expected to fetch around Rs 130 crore to the exchequer.
“Four merchant bankers -- IDBI Capital Market Services, Avendus Capital, SBI Cap and Kotak Investment Banking -- were in fray for managing the stake sale of NFL,” PTI reported.
The government which holds 97.64 per cent stake in NFL, plans to disinvest 7.64 per cent stake, or over 3.74 crore shares in the domestic market.
The stake sale in NFL is part of Department of Divestment’s (DoD) effort to meet the minimum 10 per cent public shareholding norm as stipulated by market regulator Sebi for PSUs.
The government has already used the OFS route to sell stake in Oil India, NTPC, NMDC and Hindustan Copper during last fiscal.
The government proposes to raise Rs 40,000 crore by way of disinvestment in the current fiscal, added the PTI report.
At 10:00 a.m.; the stock pared some of its morning gains and was trading 1.1 per cent higher at Rs 34.90. It hit a low of Rs 34.75 and a high of Rs 36.25 in trade today.
Government will take a decision on the proposal for 7.64 per cent stake sale in National Fertilisers Ltd ( NFL), which is expected to fetch around Rs 130 crore to the exchequer.
“Four merchant bankers -- IDBI Capital Market Services, Avendus Capital, SBI Cap and Kotak Investment Banking -- were in fray for managing the stake sale of NFL,” PTI reported.
The government which holds 97.64 per cent stake in NFL, plans to disinvest 7.64 per cent stake, or over 3.74 crore shares in the domestic market.
The stake sale in NFL is part of Department of Divestment’s (DoD) effort to meet the minimum 10 per cent public shareholding norm as stipulated by market regulator Sebi for PSUs.
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The government has already used the OFS route to sell stake in Oil India, NTPC, NMDC and Hindustan Copper during last fiscal.
The government proposes to raise Rs 40,000 crore by way of disinvestment in the current fiscal, added the PTI report.
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