Binani Ind to buy public stake in Binani Cement

Binani Ind to buy public stake in Binani Cement
Published: 21 January 2011

Binani Industries today said it will buy 30.1 per cent stake in its subsidiary Binani Cement from the public at INR82 per share (US$1.8) costing around INR465.55 crore.

 

"The promoter/acquirer now seek to acquire the balance 5,67,75,318 crore equity shares of INR10 each representing 30.1 per cent of the paid-up equity share capital of the company from the public shareholders of Binani Cement," Binani Industries said in a statement to the Bombay Stock Exchange. 



Binani Industries holds the 60.9 per cent stake in the cement making firm. 

Along with its subsidiaries in Dubai and China , Binani Cement has now 8.75Mta cement making capacity.