New Delhi: Rashtriya Chemicals and Fertilizers Limited (RCF) held its 48th Annual General Meeting (AGM) on September 25, 2026, through Video Conferencing from Mumbai, where shareholders approved a Further Public Offering (FPO) of up to ₹1,500 crore and amendments to the company’s Memorandum of Association (MOA).
The AGM was addressed by S. Shivakumar, CMD, RCF, who highlighted the company’s performance and achievements during FY 2025–26 and outlined its future growth plans. The meeting was attended by members of the Board of Directors and the Company Secretary.
Shareholders Approve ₹1,500 Crore Further Public Offering
Shareholders approved a Special Resolution for raising funds through a Further Public Offering (FPO) by way of a fresh issue of equity shares aggregating up to ₹1,500 crore.
The proposed FPO is subject to the receipt of necessary approvals from:
- Department of Fertilizers, Government of India
- Department of Investment and Public Asset Management (DIPAM)
The approval provides RCF with the option to access additional equity capital from the market for its future funding requirements.
Read also: RCF Appoints Rajnikant Bhulabhai Tandel as Independent Director for Three-Year Term
RCF Expands Business Scope Through MOA Amendment
Shareholders also approved a Special Resolution for amending the Main Objects Clause of the Memorandum of Association and adopting the amended MOA in accordance with the Companies Act, 2013.
The revised objects broaden RCF’s permitted business activities to include areas such as:
- Generation of power from renewable and non-conventional energy sources
- Sewage and effluent treatment
- Explosives
- Agro-chemicals
- Bio-fertilizers
- Other related activities
The amendment expands the company’s stated business scope beyond its traditional fertilizer operations and aligns the MOA with the company’s broader areas of potential activity.
Shareholders Authorise Non-Convertible Debenture Issuance
Alongside the FPO approval, shareholders authorised the issuance of secured or unsecured non-convertible debentures (NCDs) through private placement.
The approval provides RCF with an additional debt-financing route alongside equity fundraising through the proposed FPO.
The combination of equity and debt instruments gives the company multiple avenues for raising funds for its future requirements, subject to applicable approvals and conditions.
Government Nominee Director Appointed
The AGM-related governance updates also included the appointment of Dr. Krishna Kant Pathak as Government Nominee Director.
Existing directors retiring by rotation were also considered for reappointment in accordance with the applicable provisions.
The voting results were scrutinised by CS Nrupang B. Dholakia of Dholakia & Associates LLP.
Voting Participation and Shareholder Support
According to the voting details, RCF had 336,987 shareholders on record, while 420,081,469 votes were polled across the resolutions, representing approximately 76% of the outstanding shares.
The promoter group, holding 413,769,483 shares, voted in favour of all the resolutions.
Public institutional investors also participated in the voting, with more than 54% of their holdings being represented on key resolutions.
While most resolutions received strong overall support, the reappointment of directors Niranjan S. Sonak and Aparna S. Sharma faced significant opposition from institutional investors. Approximately 95% of the institutional votes polled on these appointments were against the resolutions.
Despite the institutional opposition, the resolutions were approved by the required overall majority.
AGM Highlights RCF’s Future Growth Strategy
The approvals at the 48th AGM provide RCF with additional options for capital mobilisation and business expansion.
The proposed ₹1,500 crore FPO, together with the authorisation for private placement of NCDs, gives the company both equity and debt fundraising avenues.
At the same time, the amended MOA provides for activities in renewable energy, environmental treatment, explosives, agro-chemicals and bio-fertilizers, expanding the scope of RCF’s stated business objectives.
During the AGM, CMD S. Shivakumar also highlighted RCF’s performance during FY 2025–26 and outlined the company’s plans for future growth.
About Rashtriya Chemicals and Fertilizers Limited
Rashtriya Chemicals and Fertilizers Limited (RCF) is a Government of India enterprise engaged primarily in the manufacture and marketing of fertilizers and chemicals. The company operates in the agricultural and industrial chemicals space and is expanding the scope of its activities to include areas such as renewable energy, environmental solutions, agro-chemicals and bio-fertilizers.
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