Bhushan Steel says plans to raise $1 bn

May 07 2011, 15:59 IST
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SummaryIndia's Bhushan Steel Ltd said on Saturday its board had approved raising up to $1 billion.

India's Bhushan Steel Ltd said on Saturday its board had approved raising up to $1 billion through an issue of securities.

It did not disclose details about how the funds would be used. Bhushan had said in April it planned to spend 50 billion rupees ($1.77 billion) to add 1.8 million tonnes steel capacity at its Orissa unit.

It earlier posted a 21 percent rise net profit in the quarter-ended March to 2.9 billion rupees on net sales of 19.7 billion rupees.

On Friday, its shares ended down 0.34 percent at 471.1 rupees in a strong Mumbai market.

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