PTI reported that Bhushan Steel Limited said that it will seek shareholders nod to raise up to USD 1 billion through issue of fresh securities.
The company said in a filing to the BSE “The directors of the company passed resolutions by circulation as on December 25th 2012, inter-alia recommended for approval of shareholders further issue of securities not exceeding USD 1,000,000,000 through the process of postal ballot.”
It, however, did not specify when the company will be going for the fund raising and where the money will be used.
As on September 30, the company had long term borrowings of INR 19,584.71 crore and short term borrowings of INR 4,064.54 crore.
During the first half of the current fiscal, Bhushan Steel has reported a net profit of INR 407.48 crore and net sales of INR 5,395.55 crore.
