<http://www.dealcurry.com/2010067-Bhushan-Steel-To-Raise-500-Mn.htm>
*Bhushan Steel *has planned to raise funds worth $500 mn from the market to finance its greenfield projects. The amount would be raised in one or more tranches from domestic or international markets in one or more currencies. Bhushan Steel is also in the process of raising its authorised share capital from Rs.125 CR to Rs.150 Cr through 25 lakh preference shares of Rs.100 each. The move is in line with the company’s plans to issue further capital to meet additional fund requirements. Bhushan Steel has already put Rs.2000 Cr in its Orissa steel plant to increase the capacity from 2.2-million tonne(mt) to 4.7 mt. and is looking to invest another Rs.5,000 Cr over the next two and half years. Transaction Note Bhushan Steel Limited (BSL), formerly* Bhushan Steel & Strips*, is a value added steel manufacturer catering primarily to the auto/white goods industry. The company has three manufacturing units in the state of Uttar Pradesh (Sahibabad Unit), Maharashtra (Khapoli Unit) and Orissa (Meramandali Unit). In 2009, Bhushan Steel acquired a 60 percent stake in Australian exploration company, *Bowen Energy*. Bhushan Steel has Rs.20,000 Cr as expansion plans through Bengal Steel project. It’s a Greenfield steel plant and it will be put up in a new company. Last year, Bhushan Stee planned to sell 5% stake for about Rs 400 Cr to fund its capacity expansion plans. Few months back, *ArcelorMittal* had planned to acquire a strategic stake in *Bhushan Power & Steel Ltd* which – promoted by *Sanjay Singal*, brother of *Neeraj Singal* - promoter of Bhushan Steel Ltd. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
