Friday, 17 Jun 2011
Bhushan Power & Steel has announced that it plans to acquire 20% stake in Nova Iron & Steel through an open offer at cost of up to INR 421.6 million.
The offer opens on August 13 and closes August 29.
Bhushan Power, which is backed by private equity investment firm Baring Equity Asia, wants to acquire 30 million shares of Nova Iron at a price of 14 rupees.
BPSL holds 61.94% stake in NISL. Of this, the company had acquired about 14.77% stake through open market transaction early this month and on 10 June, it entered into a share purchase agreement with NISL’s promoters to acquire additional 11.33% stake.
Master Capital Service is managing the offer on behalf of BPSL.
Nova Iron and Steel has a 150,000 tonne sponge iron unit in Bilaspur district, Chhattisgarh. It also provides product separation, screening, and storage facilities. However, it does not have any iron ore mine and buys the raw material from the market, mainly from Orissa. (sourced PTI)
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