30
Nov
11:53
Monnet Ispat lenders to take majority stake
Lenders to Monnet Ispat and Energy (MIEL) plan to convert their unsecured loans into equity shares, which would give them a 51% stake in the Indian steel producer, Kallanish learns from a MIEL bourse filing.
The lenders will convert outstanding debt of INR 367.79 crore ($55.2 million) into a majority stake. After the conversion, the current promoters' stake in the company would shrink to 24.06% from 48.59%. As a result of the conversion, share capital will b…
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Anonymous
Very good overview of the weekly steel market.
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