Bhushan Energy Ltd acquires 43000 equity shares of Orissa Sponge Iron & Steel Ltd

Bhushan Energy Ltd has announced that Bhushan Energy Ltd ("BEL") along with Mr. Brij Bhushan Singal, Mr. Neeraj Singal, BNS Steel Trading Pvt. Ltd, BBN Transportation Pvt. Ltd, BNR Infotech Pvt. Ltd, BNR Consultancy Services Pvt. Ltd and Bhushan Steel Ltd, have issued a public announcement ("PA") dated February 27, 2009 and published on February 28, 2009, to the shareholders of Orissa Sponge Iron & Steel Ltd ("OSIL"), in compliance with Regulations 10 & 12 of Chapter III of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and any subsequent amendment thereto, (the "Takeover Regulations"), to acquire on a voluntary basis, up to 6,100,000 fully paid-up equity shares of Rs 10 each of OSIL, representing 20% of the Diluted Capital of OSIL (as defined in the PA), at a price of Rs 330 per equity share of Rs 10 each of OSIL, payable in cash ("Offer").

On May 12, 2009, BEL has acquired 43,000 equity shares of Rs 10 each of OSIL, constituting 0.16% of the current issued and paid-up share capital of Rs 27,00,00,000 of OSIL, at a price of Rs 346.12 per equity share (through various transactions) by way of open market purchase ("Acquisition").

The Acquisition was made pursuant to the provisions of Regulation 20 (7) of the Takeover Regulations.

The Orissa Sponge stock closed the day at Rs.345, down by Rs.0.15 or 0.04%. The stock hit an intraday high of Rs.350 and low of Rs.345.

The total traded quantity was 32938 compared to 2 week average of 53762.

Source : Equity Bulls

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