Debt-laden Bhushan Steel today said its shareholders have approved the company's proposal to raise up to Rs 1,155 crore through issue of redeemable cumulative preference shares. The firms shareholders approved the special resolution at its annual general meeting held last month, it said in a regulatory filing. "... approval of the members is hereby accorded to authorise the board to create, offer, issue and allot 38,50,000 redeemable cumulative preference shares of Rs 100 each to be issued at such rate not exceeding Rs 3,000 per share (including maximum premium of Rs 2,900 per share) for an aggregate amount not exceeding Rs 1,155 crore...," it added. dividend not exceeding 12 per cent per annum and the shares shall rank for dividend in priority to the equity shares for the time being of the company, it said. "At the option of board, at any time within 10 years from the date of allotment, the said preference shares shall be redeemed at a premium not exceeding Rs 2,900 per share," Bhushan Steel said in the filing. The shareholders also approved the special resolution of reclassification of status of Sanjiv Garg and Rajiv Garg from promoters to public shareholders. This is being done "...as they are neither related to the promoters nor exercising, directly or indirectly, any control over the affairs of the company... they have no other responsibility or association with the company and they have given their consent in writing for change of status", it added.
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