Bhushan Steel gets nod to go ahead with open offer for Orissa Sponge

The Securities and Exchange Board of India allowed Bhusan Steel for open offer for the Orissa Sponge Iron and Steel, according to media reports. The fight of ownership of Orissa Sponge Iron & Stell in legal discuptes.

The company Bhusan Steel has welcomed the Sebi’s view over the takeover regulations and it got nod of Sebi for the open offer. However Sebi also maintained that it will conduct an investigation into the alleged violation of takeover rules by Bhushan Steel as alleged by Orissa Sponge. B

hushan Steel had scheduled its open offer for April 27.The Orissa Sponge promoters’ allegation against Bhushan Steel is that the company has bought shares in Orissa Sponge through a group company which was not disclosed, amounting to violation of the takeover rules.