Bhushan Steel on Tuesday said stock exchanges have approved the reclassification of its erstwhile promoters, who collectively hold around 3.47 per cent of stake in the company, as public shareholders following its takeover by Tata Steel.
Bamnipal Steel Limited, a wholly-owned arm of Tata Steel Ltd, is the sole promoter of Bhushan Steel, holding 72.65 per cent of the paid-up share capital of the company, the steelmaker said in a filing to BSE. Bamnipal Steel had completed the acquisition of a controlling stake in Bhushan Steel Ltd (BSL) last month.
“National Stock Exchange of India Ltd (NSE) and BSE Ltd (BSE) has approved the re-classification of erstwhile promoters of the company i.e. Neeraj Singal; Brij Bhushan Singal; Ritu Singal; Aishwarya Singal; Brij Bhushan Singal; and Bhushan Infrastructure Pvt Ltd, collectively holding in aggregate 3.47 per cent of paid-up share capital of the company as the public category shareholders,” Bhushan Steel said.
Tata Steel, which emerged as the biggest bidder for Bhushan Steel with an Rs 32,500-crore deal in the insolvency process, completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm on May 18.
Post takeover, Tata Steel had said that it will raise Rs 16,500 crore through debt instruments to fund Rs 32,500 crore acquisition of Bhushan Steel Ltd. The remaining amount will be raised through internal resources, it had said. The bankrupt firm was among the 12 stressed assets the RBI had referred for NCLT proceedings last year.