Bhushan Steel in the limelight

Bhushan Steel jumped up 18% to Rs.52.60 and even now, in this “crashed” market, remains very firmly in the green.

Today is the day of bidding or the auction for Bhushan Steel. The debt ridden company is being resolved under the Insolvency and Bankruptcy Code, and its bidding process is being opened today by the resolution professional - Deloitte's Vijaykumar V. Iyer. The name of the highest bidder will be announced today.

There are many in the fray - JSW Steel, Tata Steel and a group of employees of Bhushan Steel along with a private equity firm.

The liquidation value had been set at Rs 15,000 crore-this is the minimum value set for a stressed asset by the committee of creditors, below which bids are not accepted. Last week, JSW submitted doubled its bid between Rs 25,000 crore to Rs 30,000.