DPSC financial bids by Jan 15?

KOLKATA: Is the majority stake-buying exercise in DPSC Ltd (erstwhile Dishergarh Power Supply Corporation) nearing a conclusion?
Speculation is rife that financial bids for a 57.17% holding in DPSC - which has a licence area of 618 sq km in the Asansol-Raniganj coal belt - are likely to be invited by January 15 by which time eligible bidders are expected to be made aware of the offer formalities.About 15 companies, which includes almost all leading energy sector players, have pitched their hats in the DPSC ring.
Sources familiar with the developments said that despite the current state of the market, bidders are likely to fork out upwards of Rs 500 per share. With slightly more than 24 lakh DPSC shares on the block, at Rs 500 per share, the amount payable could work to slightly over Rs 120 crore.
The arithmetic could get more interesting if Descon - DPSC's single-biggest shareholder - chooses to pursue its stated intention of matching the best offer made by those who are bidding for the 57.17% DPSC holding. Descon holds 32.31% of DPSC.
The stake sale in DPSC has been made possible by Life Insurance Corporation of India (LIC), United India Insurance, Andrew Yule & Company, Bengal Coal Company and Katras Jherriah Coal Company jointly putting their DPSC holdings on the block.
While LIC has a 30.61% stake and United India Insurance 11.36%, Andrew Yule has a 7.12% holding in DPSC. Bengal Coal and Katras Jherriah have 4.7% and 3.38% stakes respectively in DPSC. Deloitte Consulting is managing the DPSC stake sale process.