Bhushan Steel, a manufacturer of hot and cold rolled galvanized products, touched upper circuit limit of 20% after media reports state the company received lenders approval for restructuring around Rs 300 billion loans under a scheme of Reserve Bank of India.  

Clarifying on the media reports, the company said, 'We have already submitted our clarification vide our letter dated June 5, 2015 that the Joint Lenders Forum have agreed to extend the Loans of BSL for a tenure of 25 years under the scheme announced by RBI and the approval of the scheme is under process with the respective banks.

Presently about 70% of the Banks have approved the scheme and sanction from rest of the Banks is under process which is expected within a month or so.'  

Shares of Bhushan Steel  are trading at Rs 66, up Rs 11, or 20%  at the Bombay Stock Exchange (BSE) on Thursday at 11:08 a.m. The scrip has touched an intra-day high of Rs 66 and low of Rs 63.10. In the earlier session, the shares lost 2.4%, or Rs 1.35, at Rs 55.

Total volume of shares traded on the bourses today was higher by 128.62% to 711,480 compared with 22-day average volume of 311,201.