Tata Steel To Acquire Bhushan Steel Through Its Step-Down Subsidiary Bamnipal Steel

Posted on:18 May 2018 09:18:15
Tata Steel To Acquire Bhushan Steel Through Its Step-Down Subsidiary Bamnipal Steel
18 May 2018 Current Affairs: Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd.

Bamnipal Steel would invest in the debt-ridden company and acquire control on the closing date.

As per the terms of approved Resolution Plan, Bamnipal Steel Limited (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e. at Rs 2 per share, for an aggregate amount of Rs 158.89 crore.
Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd.

Bamnipal Steel would invest in the debt-ridden company and acquire control on the closing date.

As per the terms of approved Resolution Plan, Bamnipal Steel Limited (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e. at Rs 2 per share, for an aggregate amount of Rs 158.89 crore.

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