Mangalore Refineries and Petrochemicals may sell shares to comply with rules


Mangalore Refineries and Petrochemicals may sell shares to comply with rules

Mangalore Refineries and Petrochemicals Ltd (MRPL) may sell shares to comply with rules that mandate listed companies to have at least 25% of their equity with the public, two officials familiar with the development said.

Currently, only 11.42% of MRPL’s shares are with the public. The rest 88.58% is owned by state-run Oil and Natural Gas Corp. Ltd (71.63%) and Hindustan Petroleum Corp. Ltd (16.96%.)

In October 2014, Securities and Exchange Board of India (Sebi) had notified rules for minimum public shareholding in listed state-owned firms wherein listed public sector firms need to raise their public shareholding to a minimum 25% by August 2017. The objective was to help widen investor base in these companies and boost government’s fund raising plans through disinvestment programmes. Read More…

 

Credit By: livemint.com

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