Binani Cement to divest stake to Mauritius fund, India

Binani Cement to divest stake to Mauritius fund, India
Published: 31 July 2006

In a notice to stock exchanges, Binani Industries said that it had decided to divest 10.09 per cent in its subsidiary Binani Cements to Ganesha Prime Holdings (Mauritius), a subsidiary of Credit Suisse Pvt Equity Partners Asia, L.P. Binani Industries is divesting 20,500,000 equity shares of Binani Cement to the Mauritius-based private equity fund at Rs 73 a share.
 
The Binani-Credit Suisse deal follows a number of private equity investment in the cement sector. Analysts said M&A and private equity investments in these sector are logical follow up of the growth being fuelled by increase in infrastructure development projects and the real estate sectors.
 
Recently, private equity investor Actis picked up 11 per cent stake in Dalmia Cements (Bharat) for $25m. Binani Industries had earlier approved to swap up to 50 per cent of the company’s equity with the shares of Binani Cement and Binani Zinc.