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Government plans to sell 20% stake in National Fertilizers
Government plans to sell 20% stake in National Fertilizers
The Centre plans to sell 20 per cent stake in National Fertilizers Ltd (NFL) through 'offer for sale'
Mumbai: The Centre plans to sell 20 per cent stake in National Fertilizers Ltd (NFL) through 'offer for sale'. The Department of Investment and Public Asset Management (DIPAM) has invited tenders from law firms with experience and expertise in public offerings and OFS in capital markets to act as legal advisers and assist the government in the process. It has also sought tenders from merchant bankers for the sale process.
"The GoI intends to disinvest 20 per cent paid up equity capital of NFL out of its shareholding of 74.71 per cent, through 'Offer for Sale' (OFS) method of shares by promoters through the stock exchanges' as per Securities and Exchange Board of India (SEBI) Rule and Regulations," said a notification by the department.
Further, the Centre is also considering allotting shares to eligible and willing employees of NFL at a discount on the issue or discovered price -- lowest cut off price -- up to a maximum of certain percentage of the OFS size subsequent to completion of the transaction under OFS. The percentage and extent shall be decided in due course.
