Monnet Ispat & Energy Rises on Proposal to Convert Debt into Equity

Shares of Monnet Ispat & Energy gained over 5 per cent to hit high of Rs 36.95 on Thursday after the company announced that the allotment committee will consider a proposal to convert the debt of the company into equity today under the strategic debt restructuring programme.

The Reserve Bank of India in June allowed lenders to temporarily take control of a company under its strategic debt restructuring scheme.

Analysts say that the proposed move is positive for the company as it will help the company to lower its debt.

The shares of Monnet Ispat & Energy ended the day at Rs 35.25, up 4.14 per cent while the broad market indicator, Sensex was up 0.61 per cent.