IOC offers a bid price of Rs 25 per share of Haldia Petrochem

With Indian Oil Corporation (IOC) reported to have offered a bid price of Rs 25 per share, the West Bengal government may garner about Rs 1,688 crore for offloading its 39.9% stake in Haldia Petrochemicals Ltd (HPL). Rs 25 is much above the reserve price. The acceptance letter of the bid by the government had been already sent to IOC. Letter had also been sent to TCG, the other major shareholder in HPL, to exercise its right of first refusal (RoFR) for which it would have 30 days time. If TCG decides to exercise the RoFR, then it would have to match the IOC bid, for which it will get another 30 days time for making payment if it agreed to match the offer.
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