Bengal Govt to auction HPL shares, TCG can match best offer before deal conclusion

21-Dec-11

An auction will be conducted by the West Bengal Government for the sale of its stake in Haldia Petrochemicals. Co-promoter The Chatterjee Group (TCG) will be allowed to match the highest offer before any transaction is finalised. The highest bid price will be offered to TCG for exercising their first right of refusal. This methodology is being adopted so that the government can maximum return on its investment in HPL. Bengal Government has already appointed SBI Capital Markets to carry out a valuation of HPL shares. A small internal team of the government had also been formed for the purpose.