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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