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.