Blackstone to Invest Rs 275 crores in Monnet Power

Monnet Ispat Ltd has announced that the Company's subsidiary Monnet Power Company Ltd. (MPCL) has executed an agreement with Blackstone Group (NYSE: BX) whereby Blackstone has acquired 12.50% equity in MPCL for an investment of Rs. 275 crores for its 1050MW power project at Angul in Orissa.

The Monnet Ispat stock was trading at Rs.454.10, up by Rs.52.15 or 12.97%. The stock hit an intraday high of Rs.458 and low of Rs.410.

The total traded quantity was 668796 compared to 2 week average of 14119.

Source : Equity Bulls

Keywords