BhushanSteel - Outcome of Right Issue Committee Meeting

Bhushan Steel Ltd has informed BSE that at the Meeting of the Right Issue Committee of the Board of Directors of the Company held on February 21, 2012, inter alia, considered and approved the following:

1. To create, offer and issue to the existing equity shareholders of the Company as on the record date 1,41,57,220 equity shares of face value of Rs. 2 each in the ratio of 1:15, i.e., one equity share for every 15 equity shares of the Company held as on the record date at a price of Rs. 335/- (Rupees Three Hundred and Thirty Five only) per equity share, including a premium of Rs. 333/- (Rupees Three Hundred and Thirty Three only) per equity share.

2. Draft letter of offer of the Company dated February 21, 2012 which includes the abovementioned details relating to the issue price, issue size, pricing, call structure and treatment of fractional entitlements and recommended for signing for and on behalf of the Company by all the Directors of the Company.