Binani Cement to delist @Rs 82/share

Written by Agencies | New Delhi | Updated: Jan 21 2011, 20:13pm hrs
Binani Industries said it will buy 30.1 per cent stake in its subsidiary Binani Cement from the public at Rs 82 per share costing around Rs 465.55 crore.

"The promoter/acquirer now seek to acquire the balance 5,67,75,318 crore equity shares of Rs 10 each representing 30.1 per cent of the paid-up equity share capital of the company from the public shareholders of Binani Cement," Binani Industries said in a communique to the Bombay Stock Exchange.

Binani Industries holds the 60.9 per cent stake in the cement making firm.

Along with its subsidiaries in Dubai and China, Binani Cement has now 8.75 million tonnes per annum cement making capacity.

"The floor price for the reverse book-building process in terms of Regulation 15 (2) of the Delisting Regulations has been determined by the Promoter/Acquirer to be Rs 82 per equity shares," the company said in the notification.

Binani Industries' Board at a meeting, held on October 6, 2010, had decided to acquire all the shares held by public by giving them an exit opportunity and delist its subsidiary Binani Cement from the stock exchanges.

Bids from the public shareholders would open February 7 and would close on February 11.