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JSW Steel, promoters buy stake in Monnet Ispat and Energy

JSW Steel and promoters have bought around 88% stake in the Monnet Ispat and Energy Ltd (MIEL).
BY BEx Bureau
BusinessEx
Sep 06, 2018

Following the completion of the insolvency resolution proceedings, JSW Steel and promoters have bought around 88% stake in the Monnet Ispat and Energy Ltd (MIEL).

Earlier, National Company Law Tribunal (NCLT) had accepted Rs 2,875-crore bid by Aion Investments-JSW Steel consortium to acquire the bankrupt Monnet Ispat Energy.

MIEL owes more than Rs 110 billion to a clutch of lenders.

MIEL has stated that JSW Steel Ltd, Crexient Special Steel Ltd, JTPM Atsali Ltd, AION Investments Private II Limited and JSW Techno Projects Management Ltd have been allotted around 87.52 crore equity shares and compulsorily convertible preference shares which represent 87.91% shareholding of the company.

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