Bhushan Steel zooms on talk of lenders extending loan tenure

According to media reports, the consortium of lenders have agreed to extend the loan tenure to 25 years from 8 years earlier

Shares of Bhushan Steel were locked in 20% upper circuit at Rs 60.50 on the Bombay Stock Exchange amid media reports citing sources said that the company's lenders have agreed to extend the loan tenure.

The company's lenders have agreed to restructure the loans and extend the tenure of the loans to 25 years from 8 years earlier under the Reserve Bank of India's 5:25 scheme, according to a news report on CNBC TV 18.

Meanwhile, the company in a release today said that the Bombay Stock Exchange has sought clarification on the news captioned "Bhushan Steel gers lenders NOD for restructuring.".

The stock opened at Rs 50.10 and touched a high of Rs 60.50. At 12:35PM, over 2.3 million shares were traded on the stock exchanges.