Orissa Sponge Iron and Steel intimated stock exchanges that the sale which happened through off-market transactions took place on Wednesday.
The Steel Ministry has asked the Steel Authority of India (SAIL) to evaluate taking over Monnet Ispat, sources close to the development told CNBC-TV18.
The company will approach its shareholders with the special resolution at its annual general meeting scheduled later this month, it said in a regulatory filing.
Monnet Ispat is in discussion with Bhushan Steel to sell its entire 35 percent stake in Orissa Sponge Iron & Steel Ltd (OSISL), which owns iron ore reserves in the Odisha, Monnet's Group CFO Ajay Bhat told CNBC-TV18.
Orissa Sponge Iron has reported a standalone total income from operations of Rs 0.43 crore and a net loss of Rs 10.94 crore for the quarter ended Dec '14
Orissa Sponge Iron has reported a sales turnover of Rs 10.98 crore and a net loss of Rs 10.42 crore for the quarter ended Jun '12
On Aug 16, 2011 Maharashtra Seamless Limited bought 200,000 shares of Orissa Sponge Iron at Rs 310 on the BSE.
Orissa Sponge Iron has reported a sales turnover of Rs 36.11 crore and a net loss of Rs 21.83 crore for the quarter ended Mar '11
Orissa Sponge Iron has reported a sales turnover of Rs 28.91 crore and a net loss of Rs 17.90 crore for the quarter ended Dec '10