At the end of June, HPCL held a 16.95% stake in MRPL, and ONGC, the other promoter, owned 71.6%. At the end of June, HPCL held a 16.95% stake in MRPL, and ONGC, the other promoter, owned 71.6%. The public shareholding in MRPL was 11.42%, less than half the 25% prescribed by the Securities and Exchange Board of India (Sebi). HPCL prefers that ONGC sell a part of its stake rather than having its own stake diluted, according to the second HPCL official, who also spoke on condition of anonymity. In October 2014, the government notified rules for minimum public shareholding in listed state-owned firms.

Source: Mint September 11, 2016 18:22 UTC