Bhushan Steel Ltd rises as much as 8.3 pct to its highest since Aug 10, 2015.
Co last month submitted final proposal for debt restructuring under the central bank's S4A scheme, Business Standard reported, citing unnamed people close to the developments.
S4A, or Scheme for Sustainable Structuring of Stressed Assets, was unveiled by RBI last year to make debt recasts easier.
State Bank of India and Punjab National Bank lead two groups of creditor banks to Bhushan Steel.
Bhushan Steel had debt of 460.62 billion rupees ($7.15 billion) as of last financial year to March 2016.
Bhushan Steel was not immediately available for comments.
($1 = 64.4300 Indian rupees)
