HPCL agrees to rectify shareholding pattern to include ONGC as promoter

09 Aug 2019

Hindustan Petroleum Corporation (HPCL) has agreed to rectify the shareholding pattern to include Oil and Natural Gas Corp (ONGC) as a promoter after it got a reprimand from capital markets regulator SEBI for refusing to recognise its majority shareholder.

The SEBI asked HPCL to re-file shareholding pattern to stock exchanges by August 13 for all quarters since ONGC acquired government's entire stake in the refiner in January 2018.

HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.

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