Bhushan Steel Limited said that it plans to raise up to INR 700 crore by April through a rights issue to part-finance its ongoing expansion projects.

Mr Nitin Johari director finance of BSL told PTI”Our board has approved raising of up to INR 700 crore through the rights issue. We intend to hit the markets in the next three months after securing all the necessary approvals.”

He added that the money will be utilised to part finance the company's expansion activities, particularly in Odisha, where it is setting up a new 3 million tonnes per annum plant. The plant is scheduled to be operational in the next fiscal.

The company, which currently has debt of about INR 13,000 crore, also intends to retire some of it after raising the funds.

(Sourced from PTI)