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The shareholders of Bhushan Steel have provided their approval to the company’s proposal of raising up to Rs 1,155 crore through issuing redeemable cumulative preference shares.
It has said in a regulatory filing that the firms shareholders have approved the special resolution at its annual general meeting.
It said that “approval of the members is hereby accorded to authorise the board to create, offer, issue and allot 38,50,000 redeemable cumulative preference shares of Rs 100 each to be issued at such rate not exceeding Rs 3,000 per share (including maximum premium of Rs 2,900 per share) for an aggregate amount not exceeding Rs 1,155 crore.”
