Bhushan Steel, after a long time, leads the top gainers pack on the BSE. From yesterday’s close of Rs.55, it opened higher at Rs.63 and soon breached the 20% upper circuit at Rs.66.

The reason for this new found euphoria? The company has received the lender’s approval for extending loans of the company to the tune of Rs.30,000 crore under a RBI scheme for long-term structuring of loans in line with cash flows.

The company now has a four-year moratorium on principal repayment. After this, there will be a 21-year repayment period, with a provision to refinance every five years.

The consortium of banks having an exposure in the company are PNB, SBI, Canara Bank, Dena Bank and Bank of India.