Haldia Petrochem board to opt for rights issue

Abhishek Law Updated - March 12, 2018 at 09:03 PM.

Haldia Petrochemicals Ltd board on Tuesday decided to opt for rights issue to save the ailing petrochem unit.

Around 52 crore shares will be issued at a discovered price of Rs 25.10 per share or around Rs 1,305 crore. HPL shares have a face value of Rs 10.

Partha Chatterjee, Chairman of HPL, and West Bengal Commerce and Industry Minister, told reporters that the board has decided to opt for rights issue.

“In order to save the company from closure, the HPL board has decided to opt for a rights issue,’’ he said.

Shares will be issued as per the existing shareholding pattern. “Steps will be taken to ensure that all legal issues are complied with,’’ Chatterjee said.

Meanwhile, Purnendu Chatterjee, co-promoter, HPL, said that he would be willing to go for an out-of-court settlement.

“I have proposed a comprehensive solution to the problem, including out-of-court settlement,’’ Purnendu said.

Published on December 24, 2013 10:02