Bhushan Energy makes counter offer for Orissa Sponge

The three-way battle to control Orissa Sponge Iron and Steel Ltd has taken a new turn with Bhushan Energy Ltd's decision to offer 330 rupees per share for 20 percent stake in OSLS against Monnet Ispat's offer of Rs 310.

Other players including BNS Steel Trading Pvt. Ltd, BBN Transportation Pvt. Ltd, BNR Infotech Pvt. Ltd and BNR Consultancy Services Pvt. Ltd are also in the race to acquire stake in the firm.

The Bhubaneshwar-based Orissa Sponge holds captive iron ore and coal mines. The company is witnessing battle between Bhushan Power, Monnet Ispat and Bhushan Steel in the past one week. The final winner would be declared on May 13 for the offer opening on April 24, according to information available from Bombay Stock Exchange.

The counter offer made by Bhushan Energy Ltd led to 5 per cent increase in shares of Orissa Sponge with the scrip touching an intra-day high of Rs 342.8 and low of Rs 342 on Bombay Stock Exchange. The shares were trading at Rs 142 a month before as compared to prevailing rates of Rs 324.