The initial public offer (IPO) of Haldia Petrochemicals (HPL) would be for strengthening the company and not for restructuring, Purnendu Chatterjee, one of the principal promoters, said today.Speaking at the sidelines of the CII Partnership summit, Chatterjee said a board meeting would be held soon for finalising the date of the IPO. The company had earlier planned to float the IPO by December 31, 2004.Asked to comment on IOC's proposal to pick up 7.5% stake in HPL, Chatterjee said: "I have always been open to IOC coming in." He, however, refused to comment when asked if he favoured giving management control to IOC.He said HPL was able to meet the lenders' obligation as the company has already paid Rs 600 crore from its own cash generation to various banks and institutions.Chatterjee himself has infused equity to the tune of Rs 150 crore in June 2004.According to him, HPL was making enough cash surplus after paying interest to reduce the debt burden.
