Monnet Ispat shares locked in 10% upper circuit

Shares of Monnet Ispat & Energy surged to get locked in their 10 percent upper circuit of Rs 15.82 in early trade on BSE on January 1, a day after the company said it had entered into a share purchase agreement (SPA) with M/s Champak Corporate Services Private Limited.

"Monnet lspat and Energy Limited has entered into a share purchase agreement (SPA) with M/s Champak Corporate Services Private Limited, to sell and transfer the entire equity shareholding held by the company in Monnet Sports Foundation and Choma l Exports Private Limited," the company said in a BSE filing.

Both are non-operative, non-material and non-core subsidiaries of the company, Monnet Ispat said.

Pursuant to the execution of the SPA and transfer of shares, these companies would cease to be subsidiaries of Monnet Ispat.