Nippon denies report of talks for stake in JSW Steel

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Nippon denies report of talks for stake in JSW Steel

Japan's Nippon Steel Corporation on Wednesday denied a report that it was in talks for a stake in JSW Steel.

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Japan's Nippon Steel Corporation on Wednesday denied a report that it was in talks for a stake in JSW Steel .

Earlier on Wednesday NDTV Profit reported without citing sources that JSW Steel aims to raise USD 300 million to USD 500 million via the stake sale of about 7 to 11% to Nippon.

JSW shares rose 7.43% after the report to touch its 52-week high of  Rs 997.

A Nippon Steel spokesman said there was no truth to the report. Seshagiri Rao, group chief financial officer at JSW has said he would not like to comment on market speculation.