Financial Daily from THE HINDU group of publications
Thursday, Dec 16, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 16, 2004 |
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Corporate
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Announcements Markets - IPOs Haldia Petrochemicals IPO likely in Feb Kohinoor Mandal
Kolkata , Dec. 15 THE proposed initial public offer (IPO) of Haldia Petrochemicals Ltd has been delayed by over a month. Instead of December, the issue is likely to hit the market some time in February. According to a senior official of Haldia Petrochemicals, the board of directors is scheduled to meet some time in the last week of this month and take a final decision on the IPO. "We have prepared everything at our end. We are expecting to come out with our issue some time in the last week of January," the official said. However, stock market players said it would be difficult for Haldia Petrochemicals to meet this deadline because the company is yet to file the necessary papers with SEBI. Merchant banking sources said that the IPO would be delayed by more than a month. According to them, no matter what happens, Haldia Petrochemicals would not be able to float its IPO before February. The Haldia Petrochemicals official said, "It is not possible for us to file the IPO prospectus at SEBI without the ratification of the board of directors." According to him, a host of merchant bankers had been short-listed, including Kotak Mahindra. The size of the IPO may be anywhere between Rs 450-Rs 650 crore. The official reaffirmed that the proposed IPO would be offered through the book-building route as decided earlier. Meanwhile, a decision the proposed induction of a strategic partner into the board of Haldia Petrochemicals is yet to be taken. Indian Oil Corporation may be the new partner. However, a final decision of the Union Oil Ministry on this is still pending. The ministry has already turned down GAIL India's proposal to take up a stake in Haldia Petrochemicals. In 2003-04, Haldia Petrochemicals registered its maiden net profit of Rs 100 crore after it succeeded in restructuring its debt portfolio. The global petrochemicals market is also witnessing a major boom.
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