Millennium Post

CCEA may okay 7.64% NFL throw-away today

The Cabinet Committee on Economic Affairs (CCEA) is likely to approve on Thursday a proposal to disinvest 7.64 per cent of government stake in the National Fertiliser Ltd (NFL), which is expected to fetch over Rs 175 crore to the exchequer.

'The CCEA meeting is scheduled for Thursday. The issue related to disinvestment of 7.64 per cent paid-up equity of NFL out of government's shareholding is one among the eight proposals listed for discussion,' according to sources. Last month, an Inter-ministerial Group (IMG) had approved the stake sale of 7.64 per cent in the NFL by way of offer for sale. The government aims to raise about Rs 175 crore from the proposed disinvestment. At present, the government holds 97.64 per cent stake in state-run NFL. The stake sale in NFL is part of Department of Disinvestment’s (DoD) efforts to meet the minimum 10 per cent public shareholding norm as stipulated by market regulator Sebi for PSUs.

The government proposes to raise Rs 40,000 crore by way of disinvestment in this fiscal. It has already lined up a host of companies for stake sale.
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