Given an opportunity, Bushan Steel is likely to buy controlling stake in that company. The company now holds nearly 15 per cent stake in the Orissa-based firm. Earlier Bushan Steel had 5.35 per cent stake in the Orissa Sponge and Iron, and now they have bought additional 9.5 per cent at the market price.
However, Bhushan Steel may acquire more shares through block deal from Unitech&aposs promoter group firm. It bought 19 lakh shares from Prakausali Investments, which has nearly 36 per cent stake in country&aposs second largest realty firm Unitech.
Bhushan Steel at present has a steel mill with an annual production capacity of about 1 million tonnes per annum (MTPA) in Orissa. The firm is expanding the facility to 5 MTPA by 2012 at an approximate investment of Rs 15,000 crore.
As per Sep 08 share holding pattern, Rakesh Jhunjhunwala was holding 8,20,000 shares of Bhushan Steel but as per Dec 08 shareholding pattern , he has sold of his stake in Bhushan Steel.