Mar 05, 2013, 07.01 PM IST
The Empowered Group of Ministers (EGoM), headed by Finance Minister P Chidambaram, is likely to meet tomorrow to decide on 12.5 per cent stake sale in RCF, which could fetch around Rs 300 crore to the exchequer
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EGoM meeting on March 6 to decide on RCF stake sale
The Empowered Group of Ministers (EGoM), headed by Finance Minister P Chidambaram, is likely to meet tomorrow to decide on 12.5 per cent stake sale in RCF, which could fetch around Rs 300 crore to the exchequer
Like this story, share it with millions of investors on M3
EGoM meeting on March 6 to decide on RCF stake sale
The Empowered Group of Ministers (EGoM), headed by Finance Minister P Chidambaram, is likely to meet tomorrow to decide on 12.5 per cent stake sale in RCF, which could fetch around Rs 300 crore to the exchequer
Sources said EGoM is likely to take a decision on the base price for selling stake in Rashtriya Chemicals and Fertilisers (RCF). Following that, the issue is likely to hit the market on Friday, they added.
The Finance Ministry is considering sale of 12.5 per cent stake or 6.89 crore shares in the company through the Offer For Sale (OFS) route.
The RCF scrip closed at Rs 44.30, down 0.89 per cent on the BSE. The government holds 92.5 per cent stake in RCF and the paid up capital of the company is Rs 551.69 crore. The Cabinet had in December approved the stake sale of RCF.
Also read: 4G, Mozambique stake sale, DTH IPO coming soon: Videocon
The RCF stake sale would help the government inch closer to the disinvestment target for the current fiscal. As per the revised estimates, the government would raise Rs 24,000 crore through disinvestment in the current fiscal, lower than the budgeted Rs 30,000 crore. So far this fiscal, it has raised over Rs 21,500 crore through PSU stake sale.
In the remaining weeks of the fiscal ending March 31, the Finance Ministry plans to sell stake in three more companies MMTC , SAIL and NALCO .
highlights
- No case to revise direct tax rates, slabs
- Super rich tax: 10% surcharge on income above Rs 1 cr
- Modified provisions under GAAR effective April 1, 2016
- No change in standard rate of excise duty, service tax
flashes
- FM speaks to CNBC TV18
- Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
- Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
- Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
InterpretationS
- GAAR-Presumes tax benefit unless proved contrary
- MFs covered for deductions u/s 80CCG
- Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
- ED on readymade garments exempted: positive textile sector
SECTOR IMPACT
Select Sector to see impact
- Auto - Cars & Jeeps
- Auto - LCVs/HCVs
- Banks - Private Sector
- Banks - Public Sector
- Cigarettes
- Computers - Hardware
- Computers - Software - Training
- Construction and Contracting - Real Estate
- Electricals
- Engineering - Heavy
- Finance - General
- Finance - Investments
- Infrastructure - General
- Leather Products
- Media & Entertainment
- Mining/Minerals
- Miscellaneous
- Personal Care
- Pesticides/Agro Chemicals
- Power - Generation/Distribution
- Refineries
- Shipping
- Sugar
- Textiles - Denim
- Textiles - General
Textiles - General
18:52 pm
Exice Duty on readymade garments exempted +ve for textile sector
TAX AND YOU
Salaried Person
REACTIONS
reaction on: Policy
Naina Lal Kidwai
Country Head | HSBC India
reaction on: Business
NK Jain
Vice-chairman | JSW Energy
reaction on: Markets
Mukesh Kumar
Head - Strategic Planning | HDFC ERGO General Insurance
reaction on: SME
Snehdeep Aggarwal
Founder & Chairman | Bhartiya International
reaction on: Policy
Sanjay Sanghvi
Partner | Khaitan & Co
What got Cheaper / costlier?
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