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Bhushan Steel hits the roof on the plan of raising funds from sale, lease-back of critical assets

09 Sep 2014 Evaluate

Bhushan Steel is currently trading at Rs. 116.65, up by 5.55 points or 5.00 % from its previous closing of Rs. 111.10 on the BSE.

The scrip opened at Rs. 116.65 and has touched a high and low of Rs. 116.65 and Rs. 116.65 respectively. So far 17818 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 504.00 on 11-Nov-2013 and a 52 week low of Rs. 86.95 on 03-Sep-2014.

Last one week high and low of the scrip stood at Rs. 111.10 and Rs. 86.95 respectively. The current market cap of the company is Rs. 2642.29 crore.

The promoters holding in the company stood at 71.29 % while Institutions and Non-Institutions held 5.71 % and 23.00 % respectively.

In a bid to reduce its Rs 40,000 crore debt burden, Bhushan Steel is planning to raise around Rs 1,000 crore from sale and lease-back of critical assets. Currently, the company’s term loan is around Rs 30,000 crore, much of which was for a 5.2 million tonne plant in Odisha. Working capital loan accounts for another Rs 10,000 crore.

Bhushan Steel, formerly known as Bhushan Steel & Strips, is one of the leading players in the steel industry with steel making capacity of 2.2 Million Tonnes Per Annum (MTPA).

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