Bhushan Steel to buy 26% stake in Orissa Sponge

In a bid to acquire a majority stake in Orissa Sponge Iron & Steel, Bhushan Power & Steel on February 7, made an open offer to buy an additional 26% stake in Orissa Sponge Iron & Steel for Rs 300 a share. The open offer is for the acquisition of 52 lakh shares of Rs 10 each of Orissa Sponge from its existing shareholders.

The price of the share would be Rs 300 per share and the open offer would begin on April 3 and close on April 23. Shares of Bhushan Power & Steel gained Rs 1, or 0.35%, to end at Rs 284.50. The total volume of shares traded was 82,998 at the BSE (Friday).

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