"We have been informally told that the exemption request is unlikely to be acceded as SEBI mandate is to protect minority shareholder interest," a top government official, who did not wish to be named as the information is not public, said. If the open offers are successful, the acquirer of BPCL would also become the largest shareholder in Petronet (12.5 per cent of BPCL plus 26 per cent from the public) and get a controlling holding in IGL (22.5 per cent of BPCL and 26 per cent from public).