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.
M/s. Champak Corporate Services Private Limited is an entity whose main business activity is to provide management consultancy and services.
The buyer does not belong to the promoter, promoter group or promoter companies, the company claimed.
News Source:- Moneycontrol