New Delhi: Shares of Rashtriya Chemicals and Fertilizers Ltd on Friday jumped more than 17% in morning trade on bourses after the cabinet gave nod to transfer the state-run firm’s land to Mumbai Metropolitan Regional Development Authority (MMRDA).

The cabinet on Wednesday gave ex-post facto approval for transfer of land of RCF to MMRDA.

Following the development, RCF shares opened on a bullish note at 78.55, then touched a high of 79.85, up 17.85% over its previous closing price. Similar movement was seen on NSE as well, where the stock opened at 79.25 then touched a high of 79.60, up 17.23% over its last close.

MMRDA had acquired 48,849.74 square metre land of RCF and completed the construction of the Eastern Free Way-AnikPanjrapol Link Road (APLR), opened for public use in 2014. In a statement, the government said the cabinet has given ex-post facto approval for transfer of RCF’s land to MMRDA and also a proposal for approval for transfer of the state-run fertiliser unit’s land to Municipal Corporation of Greater Mumbai (MCGM).

The cabinet has approved selling of transferable development right (TDR) certificate received/receivable against the transfer of land to MMRDA and MCGM.