Bhushan Steel is planning to raise up to Rs 547.50 crore through private placement of shares to meet fund requirements. The company will approach its shareholders with the special resolution at its annual general meeting scheduled to held on September 19, 2015. The company will seek shareholders' nod to authorise the Board to create, offer, issue and allot 1825,000 redeemable cumulative preference shares of Rs 100 each, to be issued at such rate not exceeding Rs 3,000 per share (including maximum premium of Rs 2,900 per share) for an aggregate amount not exceeding Rs 547.50 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).
