Market regulator SEBI on Saturday said that all listed companies, including public sector units (PSUs), will have to meet the norm of minimum 25 per cent public holding by August this year.
“We have taken it up with government that the same (as for private sector companies) discipline should also apply to PSUs... people (PSUs) should try and honour whatever time frame has been given,” said Mr U K Sinha, Chairman, SEBI.
He said listed companies were given three years time to meet the requirement of minimum public holding.
While the private companies have to meet the norms by June 2013, for PSUs the deadline is August 2013.
As many as 181 companies from the private sector will need to sell shares worth about Rs 27,000 crore to meet the minimum public holding norms for listed firms.
Besides, 16 Public Sector Units (which do not have 25 per cent public holding) will have to mobilise Rs 12,000 crore to adhere to the new public float norms.
In January this year, SEBI had introduced Institutional Placement Programme (IPP) and Offer for Sale of Shares Through the Stock Exchange with an aim to fast—track the sale of promoters’ equity in listed companies to meet minimum public shareholding norm.
The Offer for Sale of Shares popularly known as auction route has since been used by three companies, including ONGC, to offload promoter’s shares.