Binani Cement eyes LSE listing

Binani Cement eyes LSE listing
20 March 2009

The Braj Binani Group is looking to get its cement manufacturing flagship Binani Cement listed on Alternative Investment Market (AIM) of the London Stock Exchange. The company is also in talks with overseas Chinese and Middle East banks to meet working capital needs of its Chinese and Dubai ventures.

Speaking to reporters at a meeting held in Kolkata on Thursday, Binani Cement managing director Vinod Juneja said: "We are exploring the possibility of an overseas listing to retire some of Binani Cement’s debt
as well as enhance the company’s corporate image. Though nothing has been decided as yet, a lot will depend on market conditions."

This apart, the company also needs working capital of some $55 million for which it is in discussion with overseas banks. The debt-equity ratio is currently at 1:1 and a total debt (including working capital) of Rs 700 crore.

Source: Economic Times of India
Published under Cement News