Nova Iron & Steel hits roof on stake purchase by Bhushan Power

Mumbai : Nova Iron & Steel has frozen at the upper circuit filter limit for the second consecutive day, up 5% at Rs 12.79, after Bhushan Power & Steel Ltd acquired 14.78% stake in the company for a total consideration of Rs 26.05 crore. “Bhushan Power & Steel Ltd had bought 22.25 million shares from promoters of Nova Iron & Steel at an average market price of Rs 11.71 a share through bulk deals," the company said in a filing to the Bombay Stock Exchange (BSE).

Nova Corporation, which holds 13.12% stake, Veena Gambhir (1%) and Sunita Gambhir (0.66%) have offloaded their entire stake in the company via bulk deals on the BSE. Around 15,000 shares have changed hands on the counter till 1042 hours and there are pending buy orders for 4.18 million shares on the BSE.