Haldia Petro IPO likely to get delayed

Haldia Petro IPO likely to get delayed

The much awaited initial public offer (IPO) of Haldia Petrochemicals Ltd is likely to get delayed beyond the deadline of December 31, 2004.

Sources said that readying all the papers required in filing the draft red herring prospectus with the Securities & Exchange Board of India was going to take more time than earlier expected.

Two months' time was generally required between the filing and starting of road shows, they said, adding the public issue was not likely hit the market before the end of January 2005.

Asked if the delay would affect the ongoing financial restructuring of HPL, sources said the exercise had been already completed and would have no material bearing on the company.

HPL had already engaged Kotak Mahindra and DSP Merrill Lync as advisors to the issue.

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