The Board of Haldia Petrochemicals Ltd has decided to opt for rights issue to save the ailing petrochem unit, as per The Hindu. Around 52 crore shares will be issued at a discovered price of Rs 25.10 per share or around Rs 1,305 crore. HPL shares have a face value of Rs 10. Shares will be issued as per the existing shareholding pattern.
As per a company statement, "After detailed study and looking at various options available, the HPL board arrived at a conclusion that the only option available before the company to avoid making reference to BIFR and its revival through fresh infusion of funds, is to go forward for a rights issue of equity shares inviting its existing shareholders to subscribe in 51.2 crore equity shares at a price ofRs 25.10 per share being the discovered price which emerged from the disinvestment process by WBIDC."
25-Dec-13 
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