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NCLT approves acquisition of Monnet Ispat; Stock up ~5%

The National Company Law Tribunal (NCLT) has given its approval to the resolution plan of the JSW Steel and AION Investments consortium to acquire struggling enterprise Monnet Ispat.
The National Company Law Tribunal (NCLT) has given its approval to the resolution plan of the JSW Steel and AION Investments consortium to acquire struggling enterprise Monnet Ispat and Energy, as per a BSE filing.

The resolution plan was sanctioned by the NCLT with some modifications. Further, the final acquisition amount will be Rs2,875cr.

Monnet Ispat was one of the 12 corporate defaulters listed by the RBI for heavy loan defaults, accumulating Rs10,000cr in debt. The JSW Steel-AION combine was the sole contender to acquire Monnet Ispat. It received the Competition Commission of India’s approval for the resolution plan in May. Incidentally, Monnet Ispat has a 1.5mn tonne per annum capacity.

Monnet Ispat and Energy is currently trading at Rs11.36 up by Rs0.54 or 4.99% from its previous closing of Rs10.82 on the BSE.

The scrip opened at Rs11.36 and has touched a high and low of Rs11.36 and Rs11.36 respectively. So far 1,06,519 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs217.23cr.

On the other hand, JSW Steel is currently trading at Rs304.35 down by Rs0.1 or 0.03% from its previous closing of Rs304.45 on the BSE.

The scrip opened at Rs305.40 and has touched a high and low of Rs308.30 and Rs301.45 respectively. So far 13,11,919 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs73,592.28cr.

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