Interested merchant bankers and legal advisors will have to be submit their bids by January 28 and January 29, respectively, the Department of Investment and Public Asset Management (DIPAM) said in a notice. 

The government holds 75 per cent stake in RCFL and intends to disinvest 10 per cent of the paid up equity capital through an offer for sale (OFS). The merchant banker would be required to advise the government on the timing and the modalities of the OFS, esure best return from the government and assist in securing approval and exemptions, wherever necessary, from regulatory agencies. 

The government will select and appoint two merchant bankers for managing the share sale process. Shares of RCF closed at Rs 54 apiece on Friday. At the current market price, the 10 per cent stake sale would fetch about Rs 300 crore to the exchequer.