Binani revives stake sale plan in cement arm, India

Binani revives stake sale plan in cement arm, India
Published: 08 November 2006

Binani Industries has revived its plan to float 10.9 per cent equity of its cement arm Binani Cement Ltd through a public issue.
 
the company said it had withdrawn the draft prospectus filed with SEBI in February for sale of 10.9 per cent in the cement arm. 
 
the prospectus will be re-filed with J.P. Morgan Special Situations (Mauritius) Ltd to dilute part of its 25 per cent equity stake in Binani Cement bought from Binani Industries in September for Rs 250 crore (Rs 49.2 per share). 
 
Binani Industries had earlier made a private placement of 10.09 per cent of the paid-up capital of BCL to Ganesha Prime Holdings (Mauritius) Ltd, a subsidiary of Credit Suisse Private Equity Partners Asia LP, at a price of Rs 73 per share.