BPSL lenders approve JSW Steel’s proposal, Rs 19,350 crore to be transferred by March end

The majority of the lenders to the debt-ridden Bhushan Power and Steel (BPSL) has voted in favour of JSW Steel NSE -1.86 %’s offer to complete the transaction by transferring Rs 19,350 crore to an escrow account thus bringing a three and a half year old resolution process to an end.

Over 95% of the creditors voted for the transaction while the rest including a foreign bank and an asset reconstruction company abstained from clearing the decks for the deal, two people familiar with the vote said.