Buzzing stock: Traders lap up Bhushan Steel on news of acquisition by JSW Steel
DSIJ Intelligence / 07 Aug 2017
Traders lapped up Bhushan Steel after the news broke out that JSW Steel may partner with Piramal-Bain Fund to bid for Bhushan Steel.
Traders lapped up Bhushan Steel after the news broke out that JSW Steel may partner with Piramal-Bain Fund to bid for Bhushan Steel.
Bhushan Steel, one of the 12 companies identified by the RBI for bankruptcy proceedings, surged today as much as 10 per cent in the morning session, after the news of acquisition broke out. As per a leading English daily, JSW Steel is in talks with the distressed fund jointly floated by Piramal Enterprises and Bain Capital Credit to bid for Bhushan Steel.
Collectively, the 12 accounts identified by the RBI hold around 25 per cent of the total banking NPAs of Rs 10 lakh crore.
Bhushan Steel’s total debt in FY2017 stands at Rs 46,263 crore, whereas its revenue for same year was at Rs 13705.94 crore.
Bhushan Steel is engaged in producing steel for the automobiles and white goods sector. It has an installed capacity of 5.6MTPA.
With an aim to achieve 40 MT over the next decade, JSW Steel is bidding for Bhushan Steel.
Meanwhile, the BSE has asked Bhushan Steel to give clarification on the news that JSW Steel is in talks with Piramal-Bain fund to bid for Bhushan Steel.
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