Bhushan Power and Steel has bought 12% stake in Nova Iron and the company now intends to make an open offer for it in the long-term, chairman and managing director Sanjay Singhal confirmed. "We have paid approximately Rs 12 per share," he added.
Thought the deal is yet not finalised but if the existing promoters are ready to sell we might buy the further share. The plan is to eventually buy controlling stake in Nova Iron, he told CNBC-TV18 in an exclusive interview. Watch video for complete interview. Did you read: Bhushan Power & Steel eyes London IPODiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
