After a board meeting and EGM of HPL on Friday, chairman of the company and state Industry Minister Partha Chatterjee said every step would be taken to prevent the company from going to the Board for Industrial and Financial Reconstruction (BIFR).
All the stakeholders had been informed at the EGM about the state of the company, he said.
Chatterjee also said the company might again approach the lenders for infusion of funds and added that other efforts would also be made. He, however, declined to divulge further.
The HPL board on Friday approved the appointment of UK Basu, former MD of MRPL , as the managing director of the company till March 2014. Chatterjee said that Basu had been asked to draw a roadmap for the company for a period of five years and a financial budget till next March.
About WBIDC's stake sale in HPL to Indian Oil Corporation , the minister said that the matter was sub-judice.
IOC stock price
On November 22, 2013, Indian Oil Corporation closed at Rs 200.70, up Rs 1.45, or 0.73 percent. The 52-week high of the share was Rs 375.00 and the 52-week low was Rs 186.20.
The company's trailing 12-month (TTM) EPS was at Rs 67.69 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 2.96. The latest book value of the company is Rs 251.75 per share. At current value, the price-to-book value of the company is 0.80.
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