Orissa Sponge hogs limelight on new bid
Shares of Orissa Sponge Iron & Steel surged after Bhushan Energy entered the race to bid for the eastern India company at Rs 300 a share, higher than two other bidders.
By ET Bureau |
MUMBAI: Shares of Orissa Sponge Iron & Steel surged after Bhushan Energy entered the race to bid for the eastern India company at Rs 300 a share, higher than two other bidders.
The company���s shares have been in the limelight ever since the first open offer was made. Last week, a consoritum including Monnet Ispat made an offer for 20 percent for Orissa Sponge at 310 rupees, countering a previous offer by Bhushan at Rs 300 a piece.
The latest to join the race was Bhushan Energy, along with Brij Bhushan Singal, Neeraj Singal, BNS Steel Trading, BBN Transportation, BNR Infotech, BNR Consultancy Services and Bhushan Steel has made the offer. The offer will open on April 24 and close on May 13, according to the statement to the Bombay Stock Exchange.
At 10:40 am, the company���s shares were at its upper circuit limit of 5 per cent at Rs 359.95 on the BSE.
The company���s shares have been in the limelight ever since the first open offer was made. Last week, a consoritum including Monnet Ispat made an offer for 20 percent for Orissa Sponge at 310 rupees, countering a previous offer by Bhushan at Rs 300 a piece.
The latest to join the race was Bhushan Energy, along with Brij Bhushan Singal, Neeraj Singal, BNS Steel Trading, BBN Transportation, BNR Infotech, BNR Consultancy Services and Bhushan Steel has made the offer. The offer will open on April 24 and close on May 13, according to the statement to the Bombay Stock Exchange.
At 10:40 am, the company���s shares were at its upper circuit limit of 5 per cent at Rs 359.95 on the BSE.
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