Sat May 7, 2011 10:35am GMT
MUMBAI May 7 (Reuters) - India's Bhushan Steel Ltd (BSSL.NS: Quote) said on Saturday its board had approved raising up to $1 billion through an issue of securities.
It did not disclose details about how the funds would be used. Bhushan had said in April it plannned to spend 50 billion rupees ($1.77 billion) to add 1.8 million tonnes steel capacity at its Orissa unit.
It earlier posted a 21 percent rise net profit in the quarter-ended March to 2.9 billion rupees on net sales of 19.7 billion rupees.
On Friday, its shares ended down 0.34 percent at 471.1 rupees in a strong Mumbai market. (Reporting by Swati Pandey; editing by Keiron Henderson,sourced Thomson Reuters)
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