Bhushan Steel Ltd To Raise INR475 crore (INR4.75 Billion) Through Rights Issue-Business Standard

Business Standard reported that Bhushan Steel Ltd is planning to raise INR475 crore (INR4.75 billion) through rights issue, which will be launched in the third week of this month, a senior company official said. The rights issue will open in the third week of January. The Company is planning to raise INR475 crore through it, the Company's Director (Finance) Nittin Johari said. The Company intends to use the money to part-finance expansion activities, particularly in Odisha, he added. The steel maker will be issuing one equity share at a price of INR335 for every 15 equity shares held by existing shareholders through the issue. Post shareholders approval, it will decide the dates and mode to launch the fund raising through issue of fresh securities.