JSW bid for Bhushan Power and Steel gets 90 per cent lenders backing

JSW bid for Bhushan Power and Steel gets 90 per cent lenders backing
18/10/2018 , by , in ALLIED

JSW Steel’s Rs 19,700 crore offer for debt-laden Bhushan Power and Steel (BPSL) has been backed by around 90 per cent of lenders, a source in the know of the matter said.

Besides JSW Steel, Tata SteelNSE -3.17 % and Liberty House have also submitted bids for the stressed steel company.

Till Tuesday, the offer submitted by JSW Steel had received over 66 per cent of votes of the members of the committee of creditors (CoC), the source who did not wish to be named said.

“The plan submitted by JSW Steel has received about 88-90 per cent lenders’ vote,” the person said.

The CoC will declare the outcome of the voting next week, the source added.

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