Wednesday, January 25, 2017

Bhushan steel : takeover target

 JSW Steel has submitted a bid of Rs 25,000 crore to banks for the debt-laden Bhushan Steel.  Sources close to the development indicated the deal would include taking over the debts of Bhushan  Steel, which were Rs 44,478 crore in 2015-16, at a substantial discount. However, the Bhushan  Steel management is not on board with the deal and JSW Steel is dealing with the lenders directly.

Bhushan Steel stock is actively traded on the exchanges on the above news. In yesterday's day it closed at Rs 53, down 5%.

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