The three-way battle to control Orissa Sponge Iron and Steel Ltd has taken a new turn with Bhushan Energy Ltd's decision to offer 330 rupees per share for 20 percent stake in OSLS against Monnet Ispat's offer of Rs 310.
Other players including BNS Steel Trading Pvt. Ltd, BBN Transportation Pvt. Ltd, BNR Infotech Pvt. Ltd and BNR Consultancy Services Pvt. Ltd are also in the race to acquire stake in the firm.
The Bhubaneshwar-based Orissa Sponge holds captive iron ore and coal mines. The company is witnessing battle between Bhushan Power, Monnet Ispat and Bhushan Steel in the past one week. The final winner would be declared on May 13 for the offer opening on April 24, according to information available from Bombay Stock Exchange.