Shares of Tata Tele (Maharasthra), BGR Energy Systems and Sah Petroleums rose today after market regulator Securities and Exchange Board of India (Sebi) revoked the restrictions it had imposed on these companies for not complying with the 25% minimum public shareholding requirement (MPS).
Tata Tele was trading nearly 4% higher at Rs 6.41 a share. BGR Energy advanced about 10% to Rs 114.55, while Sah Petro too added almost 10% to trade at Rs 7.63.
Sebi has lifted an interim order against these companies that prevented them from accessing the capital market. It has also imposed a freeze on voting rights on a portion of the promoter holding. And had put restrictions on promoters on entitlement of corporate benefits like bonus shares or dividend till they achieve 25% public float.
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