Bhushan Energy acquires 0.39 percent equity of Orissa Sponge

Bhushan Energy run by the founders of Bhushan Steel, has bought shares of Orissa Sponge Iron and Steel through an open market transaction. Orissa Sponge Iron and Steel has informed media that the Bhushan steel has acquired 0.39 of equity (1,03,996 shares) at a price of Rs 332.7 a piece.

Following the deal, there was a rise in the value of shares of Orissa Sponge in the stock market on Wednesday. The Acquisition by Bhusan Energy was carried out under the provisions of Regulation 20 (7) of the Takeover Regulations. The acquisition has been anticipated for long time in the market. However, the deal has gave some shine to the equities of the Orissa Sponge on Wednesday.