Bhushan Steel stock soars 20% on takeover bids by Tata Steel, others

Shares of Bhushan Steel on Monday soared nearly 20 per cent after the company said Tata Steel, JSW Living Pvt Ltd and a consortium of the company's own employees have submitted bids to take over its assets.

The stock jumped 19.82 per cent to end at Rs 53.80 on BSE. During the day, the scrip rallied 19.93 per cent to hit its upper circuit at Rs 53.85. On NSE, shares of the company zoomed 19.79 per cent to close at Rs 53.85.

The company's market valuation rose by Rs 2.016 billion to Rs 12.186 billion. In terms of equity volume, 274,000 shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.

The company in a filing to BSE said, as part of the resolution process, "the resolution professional (RP) has received resolution plans from Tata Steel, JSW Living Private Ltd and Employees of Bhushan Steel Ltd".

JSW Living Pvt Ltd is a joint venture between JSW and Piramal Enterprises.