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Bhushan Steel's 9% stake encumbered with Edelweiss ARC; stocks tumble

Edelweiss ARC is one of the bidders of Bhushan Steel

BS Reporter 


Just a few days before the financial bids of are submitted, Edelweiss Asset Reconstruction Company said it has 9 per cent stake in the company encumbered with it against loans. 

The announcement was made after market hours, as the share price of fell sharply by 14.36 per cent to close at Rs 49.80 on Tuesday. 

is one of the bidders of along with cash-rich and a consortium led by JFE, JSW and Piramal which are getting ready to submit their financial bids by this weekend. The sharp fall in Bhushan Steel’s share price could have triggered the margin calls and led to the encumbrance of shares, said an analyst.

First Published: Wed, January 31 2018. 01:00 IST