Bhushan Steel vaulted 10% this afternoon on reports that Vedanta Limited is in talks with lenders to buy Bhushan Steel. After paring some gains, the stock is currently up 8.5%
The exchanges have sought clarification from the company with regard to the news item and a response from the company is awaited.
According to resports, Vedanta has joined the race to buy the debt-laden Bhushan Steel Limited. JSW Steel is also reported to be in the race to buy the company, which has debts to the tune of Rs 30,000 crore - 33,000 crore.
Major lenders to Bhushan Steel are State Bank of India and Punjab National Bank.
Bhushan Steel posted a net loss of Rs 734 crore in the October - December 2016 quarter, as compared to net loss of Rs 693.6 crore in the year-ago quarter.
