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India plans to raise non-promoter stake in firms

India plans to raise non-promoter stake in firms
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First Published: Mon, Jul 06 2009. 03 21 PM IST
Updated: Mon, Jul 06 2009. 03 21 PM IST
Mumbai: India plans to raise the threshold for non-promoter public shareholding for all listed companies in a phased manner, finance minister Pranab Mukherjee said in his budget speech on Monday.
“The average public float in Indian listed companies is less than 15%,” Mukherjee said.
Deep markets require larger and diversified public shareholdings, both for the private sector as well as listed public sector companies, the finance minister said.
“The larger the non-promoter stake, the promoter becomes more and more accountable. It’s a good thing,” Rajan Ghotgalkar, country head for India of Principal Financial Group, said.
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First Published: Mon, Jul 06 2009. 03 21 PM IST