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Bhushan Steel surges on getting nod to raise Rs 1,155 crore

05 Oct 2016 Evaluate

Bhushan Steel is currently trading at Rs. 43.90, up by 0.65 points or 1.50% from its previous closing of Rs. 43.25 on the BSE.

The scrip opened at Rs. 44.20 and has touched a high and low of Rs. 44.90 and Rs. 43.70 respectively. So far 39832 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 50.75 on 03-Dec-2015 and a 52 week low of Rs. 32.50 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 44.90 and Rs. 37.50 respectively. The current market cap of the company is Rs. 989.87 crore.

The promoters holding in the company stood at 59.05%, while institutions and non-institutions held 4.06% and 36.89% respectively.

Bhushan Steel has received its shareholders approval for proposal of raising upto Rs 1,155 crore through issue of redeemable cumulative preference shares. The company got the approval to create, offer, issue and allot 38,50,000 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 1,155 crore.

Bhushan Steel is one of the prominent players in the Indian Steel industry. Backed with more than 27 years of experience, the company is India's 3rd largest Secondary Steel Producing Company with an existing steel production capacity of 5.6 million ton per annum.

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