Monnet makes open offer for Orissa Sponge

Monnet group firm Mounteverest Trading & Investment (MTIL) on Wednesday made an offer to the shareholders of Orissa Sponge Iron & Steel to acquire additional 20 per cent stake in the company for up to Rs 189.10 crore.

MTIL hold around 15 per cent state in Orissa Sponge and offered to acquire aditional 20 per cent stake (61 lakh equity shares) at Rs 310 per share. The offer would open on April 4 and closes on April 23.

On February 24, MTIL had entered into a share purchase agreement with the TRF and TRFI for purchasing 54.20 lakh equity shares representing 27.10 per cent stake in Orissa Sponge at Rs 283 per share aggregating to Rs 153.38 crore, media report say.