Debt-laden Bhushan Steel's stock rises 16% on JSW takeover reports

Bhushan Steel has a debt of around Rs 440 billion

Bhushan Steel shares rose 16 per cent during intra-day trade on the Bombay Stock Exchange (BSE) on Tuesday, with punters betting that JSW Steel had submitted a higher bid for the company, compared to the Tatas. The stock, however, gave up some gains and finally ended up 14 per cent at Rs 50.85 on the BSE.  

JSW Steel's bid document, which ran into 500 pages, was opened at Deloitte's Gurugram office along with two others from Tata Steel and employees of Bhushan Steel.

Neeraj Singal, the promoter of Bhushan Steel, also submitted a bid, but it was not opened.