A joint bid by Aion Capital Partners and JSW Steel has emerged as the strongest contender for acquiring Monnet Ispat and Energy Ltd, as per media reports. Tata Steel, Vedanta and SSG Capital also considered bidding for Monnet Ispat but it is considered as unlikely that they submitted bids.
Sajjan Jindal-led JSW Steel has been eyeing distressed assets in the steel industry after successfully turning around Ispat Industries. The offer from Aion-JSW is said to be a cash deal making it a compelling proposal for lenders.
Monnet Ispat owns a 1.5 million tonne integrated steel plant along with 230 MW captive power plant. Lenders led by the State Bank of India currently control 51% of the company, while the promoters hold 25.2%. The company owes the lenders ~ Rs10,300cr.
Monnet Ispat is currently trading at Rs34.35, up by Rs1.05 or 3.15% from its previous closing of Rs33.3 on the BSE. The scrip opened at Rs34.5 and has touched a high and low of Rs34.6 and Rs33.8 respectively. The stock is currently trading above its 200 DMA.
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