Bhushan SteelBSE 12.07 % traded 12 per cent higher in morning trade on Thursday as Tata SteelBSE -0.68 % said it has been identified as the highest bidder for acquiring a controlling stake in the debt-ridden firm. Bhushan Steel, which is going through insolvency proceedings, was up 11.58 per cent at Rs 9.40 am (IST).The benchmark BSE Sensex rose 186 points, or 0.56 per cent, to 33,219. Tata Steel was trading flat at Rs 649. Besides Tata Steel, JSW Living Pvt Ltd -- a joint venture between JSW and Piramal Enterprises -- and a consortium of Bhushan Steel’s own employees had submitted bids to take over assets of the bankrupt firm.
The last day to submit bids was February 3. Bhushan Steel had hit a 52-week high of Rs 102.80 on May 18, 2017, and 52-week low of Rs 39.35 on February 6 this year. In a BSE filing, Tata Steel said, “It has received a formal communication from the resolution professional (RP) of Bhushan Steel Ltd that it has been identified as the highest evaluated compliant resolution applicant to acquire a controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSL on March 6."
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