HPL may hike IPO size if GAIL axes funding plan

 The new diktat from the Centre asking public oil sector companies to curb diversification plans is unlikely to have any impact on Haldia Petrochemicals Ltd (HPL) which is expecting an equity participation from GAIL India.

 The gas major had intended to invest Rs 332 crore as per the corporate debt restructuring package, which called for fresh capital infusion of Rs 600 crore.  However, the promoters of HPL brought down their requirement from GAIL to Rs 150 crore at a later stage and planned to make an initial public offer to raise fund.  Market sources said HPL was likely to go for a bigger IPO of Rs 350-400 crore to make up the shortfall that may arise if ministry of petroleum and natural gas nixes GAIL