TCG to acquire state's stake in Haldia

27-May-05

The West Bengal government, with 36% stake in Haldia Petrochemicals, has been pursuing an exit from HPL for quite some time. This consideration has gathered momentum and a sense of urgency since The Chatterjee Group's (TCG) bid for Basell proved successful earlier this month. As per latest figures, TCG's holds a 59% stake in HPL (Rs 845 crore), West Bengal government's stake is at 36% (Rs 520 crore) and the Tatas' share stands at 3.19% (Rs 520 crore), on an equity base of Rs 1,410 crore. There is also a cheque of Rs 150 crore from IOC (for a 7.5% stake in HPL) awaiting to be encashed, the decision for transfer of which, is being deferred by TCG. The government has in principle agreed to sell its stake in Haldia Petrochemicals (HPL) to TCG at an agreeable price of Rs 30 per share that was quoted by the government itself. This indicates a premium of Rs 20 per share.