Bhushan Power hikes open offer target in Orissa Sponge

NEW DELHI: Bhushan Power and Steel on Monday said it plans to buy 26 per cent stake in Orissa Sponge Iron and Steel through an open offer.

The company has revised the target to acquire 79.3 lakh shares in Orissa Sponge from 52 lakh shares targetted earlier, Orissa Sponge said in a BSE filing.

"The offer is being made to all the shareholders of the target company, except the acquirer, PAcs, other competitive bidders and persons acting in concert with them," it said.

The open offer would start on June 28 and closes on July 17. Orissa Sponge's stocks today remained almost flat at Rs 375 apiece on the BSE.