Around 2,84,316 equity shares are held by the President of India, through Ministry of Civil Aviation, aggregating to 51 per cent of the total paid-up share capital, and 2,73,166 equity shares are held by ONGC, aggregating to 49 per cent of the total paid-up share capital. The government has, in principle, decided to disinvest its entire equity shareholding in PHL by way of strategic disinvestment to investors along with transfer of management control.

DIPAM, on behalf of the government, will conduct the transaction and has appointed SBI Capital Markets Ltd (SBICAP) as its advisor to advise and manage the strategic disinvestment. ONGC has also decided to offer its entire shareholding of 49 per cent in PHL to the successful bidder at the same discovered price per share and on same terms and conditions as agreed by the government, except for the rights available exclusively to the government. The successful bidder, as identified by the government, will have the option to buy entire ONGC stake of 49 per cent in PHL on similar price and terms.