Bhushan Steel

Delhi based Bhushan Steel is looking to sell 5% stake to strategic investors for close to Rs 400 crore.the fund raised through fresh issue of shares will be used to finance its on going capacity expansion plans. the company is looking to sell new shares at a high premium. the company will initiate talks with a host of Indian and oversea firms shortly to execute its equity dilution plan. the divestment will bring down the promoters stake in the company to 65.7% in the expanded capital base from 69% currently. the fund raised will help it part finance the proposed 5 million tonne steel project in Orissa.