Web Exclusive | September 2016
ONGC, HPCL may sell stake in MRPL to meet public holding norms
State-owned Oil and Natural Gas Corp (ONGC) and Hindustan Petroleum Corp Ltd (HPCL) may sell a part of their stake in Mangalore Refinery and Petrochemicals Ltd (MRPL) to comply with regulations on minimum public holding. Public shareholding in the Mangalore-based refiner is currently just 11.42 per cent, not even half of the mandatory 25 per cent public float required by the Securities and Exchange Board of India (SEBI) for listed companies. PSUs have been asked by SEBI to comply with the public shareholding requirement by August next year. The Board of MRPL will meet on August 1 for approval options to raise public shareholding up to 25 per cent as per SEBI directive, a senior official said.