Three firms make open offer for Orissa Sponge

Orissa Sponge Iron and Steel Ltd said that three un-listed firms have jointly made an open offer to acquire up to 5.2 million shares, or 26 per cent of its equity, for 300 rupees a share.

Orissa Sponge Iron and Steel Ltd said on Monday that three un-listed firms have jointly made an open offer to acquire up to 5.2 million shares, or 26 per cent of its equity, for 300 rupees a share.

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Bhushan Power and Steel Ltd along with Titanic Steel Industries and Olympian Steel Industries have made the open offer, it said in a statement to the stock exchange.

The offer will open on April 3 and close on April 23, it said.

Shares in the firm opened at the upper circuit of 5 per cent at 165.1 in poor volumes.