TCG buys out 26 crore shares from WBIDC-emerges as single largest shareholder in Haldia Petrochemicals

05-Jan-16

Purnendu Chatterjee-led The Chatterjee Group (TCG) has emerged as the single largest shareholder in Haldia Petrochemicals Limited after the former paid Rs 653 crore for buying out 26 crore shares from West Bengal Industrial Development Corporation (WBIDC). "TCG had paid Rs 653 crore to WBIDC for buying out 26 crore shares of HPL. The transaction was effected on December 31, 2015, which (was) the deadline set by the state government," a senior official of WBIDC told PTI. This was the first tranche of shares that was supposed to be bought by TCG, following which its shareholding in the company would cross 48% from the present around 39%. The fate of controversial 15.5 crore shares, now under the custody of WBIDC, would be decided through the legal route, the official said. The official said with the completion of the transaction, the long-standing dispute on the ownership status of HPL had been resolved. WBIDC's share now stand at 35.02%.