Wednesday, 20 June, 2018

Bhushan Steel shares up after Tata Steel emerges top bidder

Bhushan Steel owes Rs900 crore to L&T for supply of certain capital goods L&T moves tribunal to recover ₹900 crore from Bhushan Steel
Ben Pena | 09 March, 2018, 17:31

Tata Steel Ltd said on Wednesday it had been selected as the highest bidder to buy a controlling stake in debt-laden Bhushan Steel Ltd, ending weeks of speculation on which Indian group would clinch a deal.

Tata Steel had emerged as the highest bidder with a bid of Rs 35,000 crore, with JSW Steel finishing second with a bid of Rs 29,700 crore. Reacting to the news, Bhushan Steel's share price had spiked 12 percent since closing price yesterday, but is now headed downward again.

In a fresh twist to the ongoing Bhushan Steel Ltd's insolvency resolution process, Larsen & Toubro Ltd (L&T) on Thursday moved the National Company Law Tribunal (NCLT) seeking "higher priority" in getting its dues from debt-ridden firm.Bhushan Steel owes almost Rs 900 crore to L&T for supply of goods.

Bhushan Steel has an annual production capacity of 5.6 million tons, and will add significantly to Tata Steel's 13 million tons. They are also in the fray for assets of Essar Steel.

Vettel Says Fastest Times in Testing 'Don't Mean Much'
Lewis Hamilton says that he is not anxious about the laptime put in by Ferrari's Sebastian Vettel at the final Barcelona test. After reliability issues on the two previous days this week, McLaren racked up an impressive 146 laps on Thursday.

If the deal goes through, this asset will not only help Tata Steel tighten its grip on the country's eastern region but perhaps also help it to snatch the title of "India's largest steel maker" from JSW Steel.

The NCLT has asked the resolution professionals to share their stand on the matter and has listed L&T's plea in Bhushan Steel case on March 23.

While Tata Steel did not disclose the final purchase price or the transaction's terms and conditions, Moody's said nevertheless, based on media reports, the purchase price could result in a haircut of around 25% for the lenders to Bhushan Steel. The insolvency resolution process is now underway with the NCLT admitting the case in July, 2017.

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