Sebi to focus on PSUs for holding norms

Sebi to focus on PSUs for holding norms

After cracking its whip on 105 private sector companies that failed to meet minimum public holding norms, Sebi has turned its focus to about a dozen PSUs that need to comply with these regulations in next 60 days with sale of shares worth about Rs 3,600 crore.

At the same time, Sebi has begun the process of sending reminders to about a dozen listed PSUs that are yet to attain a minimum public shareholding of 10 per cent by August 8, a senior official said.

In these reminders, the companies are being asked to initiate steps to achieve this requirement through sale of shares by the promoter.

The PSUs that need to lower their promoter holdings to 90 per cent or below include firms like Andrew Yule & Company, Fertilizers and Chemicals Travancore Ltd and Haryana Financial Corp.

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