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Bhushan Steel surges on plan to raise Rs 547.50 crore through private placement

03 Sep 2015 Evaluate

Bhushan Steel is currently trading at Rs. 51.00, up by 0.75 points or 1.49% from its previous closing of Rs. 50.25 on the BSE.

The scrip opened at Rs. 51.30 and has touched a high and low of Rs. 51.80 and Rs. 50.75 respectively. So far 14447 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 138.80 on 15-Sep-2014 and a 52 week low of Rs. 47.50 on 25-Aug-2015.

Last one week high and low of the scrip stood at Rs. 55.45 and Rs. 50.05 respectively. The current market cap of the company is Rs. 1157.49 crore.

The promoters holding in the company stood at 59.05% while Institutions and Non-Institutions held 5.33% and 35.63% respectively.

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).

 

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