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Ispat shares up over 10% on stake sale buzz

Ispat shares up over 10% on stake sale buzz
PTI
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First Published: Mon, Dec 20 2010. 10 28 AM IST
Updated: Mon, Dec 20 2010. 10 28 AM IST
Mumbai: Shares of Ispat Industries climbed over 10% in early trade on the Bombay Stock Exchange (BSE) on Monday, amid media reports that JSW Steel and Jindal Steel & Power are in the race to buy the company’s stake.
According to reports, JSW Steel and Jindal Steel are the contenders for buying steel maker Ispat Industries.
Buoyed by the move, shares of Ispat shot up 10.42% to touch an early high of Rs24.90 on the BSE.
Similarly, on the National Stock Exchange (NSE), the scrip zoomed 9.97% to an early peak of Rs24.80.
While JSW has already signed a non-disclosure pact and is carrying out due diligence, Jindal Steel has been approached by Ispat which has appointed Kotak Mahindra Bank to explore possible suitors for a controlling interest, the report added.
Meanwhile, JSW Steel was trading at Rs1,173, up 0.74% from the previous close on BSE, Jindal Steel was quoting at Rs673.50, up 0.39%.
The BSE 30-share barometer Sensex was trading 97.65 points lower at 19,767.20 at 10:35 am.
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First Published: Mon, Dec 20 2010. 10 28 AM IST