Bhushan Steel gets nod to raise Rs 1,155 crore

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.