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Monnet Ispat surges 20% on stake sale in Odisha power plant

The company has signed a MoU with JSW Energy to sell the controlling stake in its subsidiary, Monnet Power Company.

SI Reporter  |  Mumbai 

Shares of are locked at the upper circuit of 20% at Rs 42.90 on the NSE after the company announced that it has signed a memorandum of understanding with to sell the controlling stake in its subsidiary, Company, which is implementing a 1,050-MW thermal power project in Odisha.

“The company has signed non-binding Memorandum of Understanding (MOU) with for entering into discussion to sell majority and controlling stake of its subsidiary, 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 were up 1.8% at Rs 99 after touching a high of Rs 101 on the NSE in early-morning trades.

First Published: Fri, July 10 2015. 09:26 IST