Bhushan Steel on Thursday, i.e., December 27, 2012, would be seeking shareholders approval to raise up to $1 billion or over Rs 5,400 crore through issue of fresh securities. However, the company has yet not disclosed the period and the purpose for raising funds
The company, which has a production capacity of 2.5 million tonnes per annum from its three manufacturing facilities in Uttar Pradesh, Maharashtra and Odisha, is currently planning to expand the capacity of its plant in Odisha further by a new three million tonnes per annum.
The company, back in June had received approval to raise further equity shares for sum not exceeding Rs 700 crore by way of right issue at such premium as decided by committee constituted by the board for the purpose.
