Bhushan Steel gets nod to raise up to Rs 700 crore

Bhushan Steel has received an approval to raise further equity shares for sum not exceeding Rs 700 crore by way of right issue at such premium as may decided by committee constituted by the board for the purpose. The board at its meeting held on January 28, 2012 has approved for the same.

Bhushan Steel has three plants in Uttar Pradesh, Maharashtra and Orissa, with total annual production capacity of more than 2 million tones. It produces secondary steel products like cold-rolled coils, galvanised coils, high tensile steel strapping and colour coated coils.