Lenders of Monnet Ispat are yet again in the process of selling majority stake of the company. This time JSW Steel, Synergy Capital and global private equity fund Blackstone are in the race for equity in the company. The lenders currently hold 53 per cent stake in Monnet Ispat.
Monnet Ispat share price shot up over 12 per cent in Thursday’s trade on reports that JSW Steel, along with Synergy Capital and Blackstone are in discussions with lenders for buying a controlling stake in the company, through the strategic debt restructuring (SDR) route.
According to a reliable source the three firms were the shortlisted investors and the final proposals were likely to be submitted by early February.
Following this news, the stocks of Monnet Ispat surged up by more than 12 per cent intraday on Thursday. However in Friday’s trading session the share was seen trading down by 4.47 per cent at 9.30 AM and was seen trading at Rs 26.70.
On the other hand, JSW Steel share price inched lower by 0.21 per cent or 0.40 points on NSE at was seen trading at Rs 192.25 on Friday.
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