Binani Industries has received an approval to issue 0.01% non-cumulative redeemable preference shares of Rs 100 each up to an amount of Rs 120 crore in one or more tranches to the promoter company, on a Private Placement Basis.
The board of directors at their meeting held on January 30, 2015 has approved for the same. The above is however subject to the approval of the shareholders of the company through Postal Ballots.
The business portfolio of Binani Industries includes sectors like cement, zinc, glass-fiber and downstream composite products.
