Currently, only 11.42% of Mangalore Refineries and Petrochemicals’ shares are with the public. Photo: BloombergMumbai: 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. 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 official added that ONGC and HPCL have not come to a decision on who among them would sell shares. MRPL shares on Tuesday ended at Rs 104.95, down 0.14% from their previous close, while the Sensex fell 0.17% to 28,999.56 points.

Source: Mint March 08, 2017 06:06 UTC