HPCL complies with SEBI order, lists ONGC as a promoter

New Delhi: State-run Hindustan Petroleum Corporation Ltd (HPCL) has finally fallen in line with market regulator Securities and Exchange Board of India's (SEBI) order and re-filed the shareholding pattern of the company for the last six quarters, listing Oil and Natural Gas Corp (ONGC) as a 'promoter.' The market regulator had asked HPCL to re-file shareholding pattern to stock exchanges by August 13 for all quarters since ONGC purchased the Centre's entire stake in the refiner in January 2018.

HPCL re-files shareholding pattern for last 6 quarters

HPCL has re-filed the shareholding pattern for the last six quarters beginning March 2018, the oil marketing company said in a regulatory filing. The revised shareholding, under the ''statement showing the shareholding pattern of the Promoter and Promoter Group,' listed ONGC as a promoter with 77.88 crore shares or 51.11 percent stake just below President of India with 'zero' shares.

The backdrop

In a letter dated August 6, SEBI had asked HPCL to re-file "the shareholding pattern to the stock exchanges revising the status of ONGC as 'promoter.'" SEBI had said, "Further, as informed by HPCL vide its email dated June 27, 2019, Government of India has also advised HPCL that 'President of India' will continue to be the promoter of HPCL and ONGC to be added as a Promoter below 'President of India.'" The issue had been a sticking point between the Petroleum ministry, ONGC and HPCL ever since the deal took place.