Bhushan Steel to hit the market to fund Rs.700 Cr expansion projects

Bhushan Steel plans to raise up to Rs 700 crore by April through a rights issue to part-finance its ongoing expansion projects.

The company board has approved raising of up to Rs 700 crore through the rights issue. The company intend to hit the markets in the next three months after securing all the necessary approvals.

The fund will be utilised to part-finance the company's expansion activities, particularly in Odisha, where it is setting up a new 3 million tonnes per annum plant. The plant is scheduled to be operational in the next fiscal.

The company, which currently has debt of about Rs 13,000 crore, also intends to retire some of it after raising the funds.