Monnet, which has already acquired 27 per cent in Orissa Sponge at Rs 283 per share, made an open offer for another 20 per cent at Rs 310 per share. Monnet group executive vice-chairman and managing director Sandeep Jajodia said, "We have formed a joint venture with Orissa Sponge existing promoter P K Mohanty. Under the deal, the Monnet group will have three directors, while Mohanty, who will have around 18 per cent stake in the company, will have two nominees on the board."
Delhi-based Monnet Ispat and Power has bought 27 per cent in the steel company and may make open offer at Rs 320 per share. Backed by P K Mohanty, executive vice-chairman and managing director, Orissa Sponge, and the promoter of the company, Monnet Ispat has now become the frontrunner for acquiring the company by buying a total of 54 million shares.
Andhra Pradesh Chief Minister N Kiran Kumar Reddy on Thursday directed the police to observe utmost restraint in dealing with the ongoing agitation in Andhra-Rayalaseema regions.
With a decision on the Telangana issue imminent, Home Minister Sushilkumar Shinde said the situation in Andhra Pradesh is peaceful.
Chief Minister N Kiran Kumar Reddy on Monday relieved two of his secretaries of their duties in the Chief Minister's Office as part of a reshuffle of nearly a dozen Indian Administrative Service officers in the state.
Six teams of the National Disaster Response Force are being deployed in four coastal districts of Andhra Pradesh as cyclonic storm 'Helen' is expected to cross the Bay of Bengal coast near Kavali on Thursday evening.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
The Andhra Pradesh Government has set up about 100 relief camps across the state and air-dropped food packets to people affected by heavy rains and floods even as the situation in East and West Godavari districts turned grim.
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