Lenders to vote on offers for Bhushan Power & Steel

After a lull of over two months, lenders of Bhushan Power & Steel will vote on bids for the stressed company. The voting began at 4pm on October 15, and will last till 4 pm on October 17. "The voting results will be announced on Thursday," said an executive from the industry. While Tata Steel, JSW Steel and Liberty House have put in bids for Bhushan Power & Steel, the voting is essentially on the offer from the Sajjan Jindal-led company. On August 13, JSW Steel had surprised everyone by offering over Rs 19,500 crore for Bhushan Power & Steel, just when lenders were to vote on the offer from Tata Steel, the favourite in the race till then. Tata Steel had emerged the leader early in the race, after it bid Rs 17,000 crore, much higher than JSW Steel's initial offer of Rs 11,500 crore.