Lenders have approved Ispat Industries's takeover by JSW Steel. Lenders will convert their Rs 191.4 crore loans into equity at Rs 14.70 per share. The recompense issue, it is said would only be taken up later.
JSW Steel had swooped in to save debt stricken Ispat Industries and as part of the deal, Ispat was to issue preferential shares worth 41% of its paid-up capital to JSW for around USD 500 million. IspatDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
