Scripscan:Orissa Sponge Iron and Steel Ltd
Cmp:173
Bse code:504864
Story:There has been a mild battle going on between the 2 bhushan brothers.Both the companies have bought the shares of orissa sponge and iron from market purchases.In a bid to acquire a majority stake in Orissa Sponge Iron & Steel, Bhushan Power & Steel on February 7, made an open offer to buy an additional 26% stake in Orissa Sponge Iron & Steel for Rs 300 a share.This has been done to avoid any hostile takeover attempt by the listed entity i.e,bhushan steel.Since being a shareholder of orissa sponge I called up bhushan power to know the exact stuff thats been going on in the bourses for some days now.They clarified that bhushan steel and power has violated norms and bought over 15% stake.They already had 7% earlier and by acquiring 12% from Unitech, they have more than 15% stake now.According to SEBI laws one is liable to make an open offer to the shareholders of the company if he has bought over 15% stake.So its just a matter of time before bhusan steel announce a counter bid open offer(they ought to announce acording to the laws)which I assume should be above 300rs.Its a win-win situation for the shareholders as no matter who gains the control but shareholders would enjoy a hefty premium to the current market price(As both the brothers would want to gain superiority over another).It would be prudent to note that exact same stuff happened in zandu pharma few months ago which spiralled zandu pharma stock to 21000 from 3000 in a bearish phase.Thus,One can safely buy the stock to get a return of over 60% in a matter of 2-3 months.
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Tuesday, February 10, 2009
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