Monnet Ispat jumps 11% as steel giants, PE firms submit bids to acquire company

Monnet Ispat share price surged 11 percent intraday Monday after steel giants and private equity firms have submitted bids to acquire the debt-laden company.

Sources told CNBC-TV18 that Tata Steel, JSW Steel, Vedanta and Shyam Steel have put in their bids to acquire Monnet Ispat.

Edelweiss ARC, Blackstone, TPG and SSG Capital are also among contenders for acquisition. The last date for submission of bids has been extended till November 27.

Monnet Ispat is one of 12 accounts identified by the Reserve Bank of India for insolvency proceedings under the Insolvency and Bankruptcy Code.

CNBC-TV18 has learnt that Monnet Ispat promoters may also submit bids with a financial or PE firms.

The company owes the SBI-led consortium over Rs 10,300 crore.

Grant Thornton's S Binani has been appointed as insolvency professional for the firm.

TPG declined to comment on CNBC-TV18 story with respect to Monnet Ispat acquisition while the business news channel is awaiting responses from other players with respect to bids for buyout.