Haldia to issue shares to IOC shortly?

The head honchos at Indian Oil Corp. and West Bengal ministry will meet in a bid to sort out the matter regarding issue shares of Haldia Petrochemicals (HPL). IOC has already pumped in Rs 150 crores in HPL last year. However, despite repeated reminders, the PSU has not been allotted shares in return by HPL. The principal promoters of HPL, The Chatterjee Group (TCG) and the Bengal government, have been dilly-dallying on issuing shares to IOC for some time. Both have responded to questions about the delay by promising that the allotment will be made soon, without specifying a time limit. One of the reasons being cited is that HPL is working out the share price. Current holdings in HPL are as follows: The Bengal government holds 56% through West Bengal Industrial Development Corporation (WBIDC), TCG has 41% while the remaining 3% is held by the Tatas.