In today's trade, the stressed company Bhushan Steel rose over 19% on the back of Arcelor Mittal's expression to acquire the company. Arcelor Mittal is the leading steel company of the world.
As per a development reported to one of the news channel, Arcelor Mittal has submitted an EOI or expression of interest for making acquisition of the beleaguered Bhushan Steel and the same has been put forth before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.
On the NSE, with 19.97% gains the stock was last seen trading at Rs. 69.70 while on the BSE the scrip rose by 19.93% at Rs. 69.80. The stock opened the day in trade at Rs. 65 .
The company reported a combined revenue to the tune of Rs. 4176.12 crore for the quarter ended June 2017 and its net loss stood at Rs 1,486.13 crore.