“The company has signed non-binding Memorandum of Understanding (MOU) with JSW Energy for entering into discussion to sell majority and controlling stake of its subsidiary, Monnet Power Company, which is engaged in the business of developing 1050 MW (2 x 525) coal-fired thermal power plant located at Malibrahmani, Angul Orissa,” Monnet Ispat said in a statement.
The financial terms of the deal were not disclosed. The deal will help Monnet Ispat reduce its debt.
Till 0920 hours, a combined 388,304 shares changed hands and there were pending buy orders for 432,625 shares on the BSE and NSE.
The shares of JSW Energy were up 1.8% at Rs 99 after touching a high of Rs 101 on the NSE in early-morning trades.