State Bank of Patiala-led consortium plans to sells stake in Monnet Ispat and Energy

A consortium of banks led by the State Bank of Patiala is looking to sell stake in Monnet Ispat and Energy Limited. Earlier, the banks had acquired a 51 per cent stake in the company by converting debt into equity under the Reserve Bank of India’s (RBI) strategic debt restructuring scheme. Reportedly, the banks are keen on selling over 26 per cent stake as well as management control in the company. SBI Capital Markets has been roped in to look for buyers for the stake.