On Wednesday, Bhushan Steel said that it will seek shareholders’ approval to raise up to Rs 547.50 crore through private placement of shares for meeting fund requirements of the company.

It said in a regulatory filing that the company will approach its shareholders with the special resolution at its annual general meeting scheduled later this month.

It further said that the firm will seek shareholders’ approval to authorise the Board to “create, offer, issue and allot 18,25,000 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 547.50 crore.”

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