Binani Ind to buy public stake in Binani Cement
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.
Published under Cement News
