Credit Suisse exits Binani

Vinod Juneja, Managing Director, Binani Cement, India, said that Credit Suisse has sold its 9.11 per cent stake which it held via a Mauritius-based company Ganesha Prime Holdings to Stansen Holdings Private Limited an independent Singapore-based company. Credit Suisse had bought the stake at Rs 70-73 per share. Earlier, JP Morgan was holding a 25 per cent stake in the company. It had since diluted its 10 per cent stake post IPO and currently holds 15 per cent. Juneda also added that some investors are approaching the company for investment. “Some people are seeing interest because cement has a very good valuation. Last year, we paid 25-30 per cent dividend in our company, said Juneda, so we are paying a good dividend and our stockholders will get good valuation”.