Monnet Ispat in limelight

Monnet Ispat is in the limelight today with the stock price soaring as high at over 7% to Rs.23.80.

The buzz on the street is that lenders are more in favor of the JSW-AION bid of around Rs.3700 crore. This means the lenders are ready to take a 76% haircut on the amount loaned.

Monnet Ispat is one of the infamous “dirty dozen” identified by the lenders for insolvency and bankruptcy proceedings. The lenders have made a total claim of Rs.10,700 crore .

Its owes Rs.2252 crore to SBI, Rs.132 crore to Axis Bank, Rs.902 crore and Rs.409 crore to PNB. Three new claims were made last week – Rs.147 crore by Standard Chartered Bank, Rs.486 crore by ICICI Bank and Rs.176 crore to IFCI.