NEW DELHI | Aug 26, 2015: Monnet Ispat and Energy Ltd has agreed 'in-principle' to sell its stake in Orissa Sponge Iron & Steel to Bhushan Steel Ltd (BSL).
"We are in-principal agreeable to sell our stake held in Orissa Sponge Iron & Steel Ltd to Bhushan Steel Ltd," Monnet Ispat & Energy said in a regulatory filing. However, no commercial terms and valuations have been finalised, the company said.
Bhushan Steel had informed the BSE on Monday that it is in talks with Monnet Ispat and Energy to acquire the company's stake in Orissa Sponge Iron and Steel.
While Orissa Sponge Iron & Steel Ltd (OSISL) in a BSE filing had said, "We are the target company, we are not aware of any negations taking place in respect of the shares of the company."
Shares of Monnet Ispat & Energy were trading at Rs 30.15 a piece on BSE, up 0.17 per cent.
(Source: http://economictimes.indiatimes.com/)