The West Bengal government will soon appoint an advisor for valuing its shares in Haldia Petrochemicals Ltd (HPL) with a view to offload them, sources said.
While the state government owns around 39 per cent equity in HPL, The Chatterjee Group (TCG) has around 36 per cent in the company. ‘The government will shortly appoint an advisor for valuation of the shares held by it in Haldia Petrochemicals’, a source said.
He said an auction of the government’s shares would then be held among the bidders and the highest price fetched would be offered to the other principal promoter, Purnendu Chatterjee’s TCG as first right of refusal. ‘If TCG declines to buy the shares at that price, then the shares will be given to the highest bidder,’ the source said.
While the state government owns around 39 per cent equity in HPL, The Chatterjee Group (TCG) has around 36 per cent in the company. ‘The government will shortly appoint an advisor for valuation of the shares held by it in Haldia Petrochemicals’, a source said.
He said an auction of the government’s shares would then be held among the bidders and the highest price fetched would be offered to the other principal promoter, Purnendu Chatterjee’s TCG as first right of refusal. ‘If TCG declines to buy the shares at that price, then the shares will be given to the highest bidder,’ the source said.