Shares of Bhushan Steel on Monday soared nearly 20% 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% to end at ₹53.80 on the BSE. During the day, the scrip rallied 19.93% to hit its upper circuit at ₹53.85.
On the NSE, shares of the company zoomed 19.79% to close at ₹53.85.
The company’s market valuation rose by ₹201.63 crore to ₹1,218.63 crore.
In terms of equity volume, 27.40 lakh shares of the company were traded on the BSE, and over one crore shares changed hands on the NSE during the day.
The company, in a filing to the 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.
