Bhushan Steel is a good company which was marred with a controversy in year 2006 due to salvage bombs expoloding in its scrap yards. It was one of the favourite companies of Rakesh Jhunjhunwala.
Now Bhushan Steel is coming up with a rights issue @ Rs 335 per share which is below its prevailing market price. The company will issue 1.42 crore equity shares of the face value of Rs 2 at the price of Rs 335 per equity share.
Verdict
Wait for record date announcement of the date of issue and thereafter enter considering the time delay of receipt of shares as by that time stock price may come down to be at par with the market price. So, one has to do mental Mathematics to work out the gains.
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