Bhushan Steel, one of the leading players in the Indian steel industry, jumped to a 52-week high on Monday after the media reports stated the company submitted final proposal for corporate debt restructuring programme.
According to media reports, Bhushan Steel submitted final proposal for debt restructuring under the Reserve Bank of India’s Scheme for Sustainable Structuring of Stressed Assets (S4A) scheme in the last month. S4A was unveiled by the central bank last year to make debt recasts easier.
Bhushan Steel has been in financial distress. The steel maker had Rs 44,477.90 crore debt on books at the end of fiscal year 2015-16.
On Monday, shares of Bhushan Steel rallied 13.46 percent to settle at Rs 68.30 on the NSE.