The promoter group of Bhushan Steel Ltd has undergone realignment following the recent settlement of a nine-year old family dispute.
In a note to the BSE on Tuesday, Bhushan Steel said that Mr Sanjay Singal and his associates are no longer associated as promoters/ promoter group of the company on account of the recent settlement.
As part of the pact reached in November 2011, Bhushan Steel would be owned and controlled by Mr Brij Bhushan Singal and his younger son Mr Neeraj Singal. Bhushan Power and Steel Ltd will be owned and controlled by Mr Sanjay Singal, the elder son of Mr Brij Bhushan Singal.
Bhushan Steel said on Tuesday that Mr Sanjay Singal, Mrs Aarti Singal, Ms Priyanka Singal, Ms Radhika Dhoot, ASL Investments Pvt Ltd, Adhunik Investments Pvt Ltd, BIC Investments Pvt Ltd, ESSENN Investments Pvt Ltd, Rail Track India Ltd, Evergrowing Iron and Finvest Ltd, Flawless Holding & Industries Ltd, Bhushan Information Tech Ltd, and Kishori Lal Construction Ltd have transferred their entire shareholding the existing/ continuing promoters. Mr Sanjay Singal held 11 per cent stake in Bhushan Steel.
The company also said that Mrs Archana Mittal is no longer associated as a promoter or person acting in control and her stake would be part of the public shareholding of the company.
The scrip of Bhushan Steel ended marginally higher at Rs 402.95 on Tuesday. The company has recently decided to raise Rs 700 crore through a rights issue to part finance its ongoing projects.