Binani Cement taps market, India

Binani Cement taps market, India
Published: 08 May 2007

Binani Cement has entered the capital market with a public issue of 2.05 crore equity shares of Rs. 10 each. The issue is through an offer for sale by JP Morgan Special Situations (Mauritius) Limited. The subscription list is open from May 7 to 10 and the price band has been fixed between Rs. 75 and Rs. 85 per equity share.

Addressing presspersons here on Monday, D. Sundararajan, Executive Director of the company, said JP Morgan had invested Rs. 120 crore in equity shares of the company in 2005 and also extended a term loan of Rs. 130 crore to the company.

The company, which had a capacity of 2.25 million tonnes of cement with its plant at Sirohi (Rajasthan), has enhanced it to 5.3 million tonnes. It is also adding 44.6 MW captive power plant to its existing 25 MW coal/lignite based plant. The company has reported a net profit of Rs. 95.6 crore on a total turnover of Rs.782 crore in the year ended March 31, 2007.