Monnet Ispat to Sell Orissa Sponge Iron Stake to Bhushan Steel

New Delhi: Monnet Ispat and Energy Ltd has agreed 'in-principle' to sell its stake in Orissa Sponge Iron & Steel to Bhushan Steel Ltd (BSL).

"We are in-principal agreeable to sell our stake held in Orissa Sponge Iron & Steel Ltd to Bhushan Steel Ltd," Monnet Ispat & Energy said in a regulatory filing.

However, no commercial terms and valuations have been finalised, the company said.

Bhushan Steel had informed the BSE on Monday that it is in talks with Monnet Ispat and Energy to acquire the company's stake in Orissa Sponge Iron and Steel.

Orissa Sponge Iron & Steel Ltd (OSISL) had in a BSE filing said, "We are the target company, we are not aware of any negations taking place in respect of the shares of the company."

As of 2:34 p.m., shares in Monnet Ispat & Energy were trading 0.66 per cent lower at Rs 29.90 apiece on the BSE.