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Binani Industries to divest 40% share capital of Binani Cement

26 Dec 2012 Evaluate

Binani Industries has received an in-principle approval to divest out of its holding in Binani Cement (BCL), a subsidiary of the company, up to 40% of the paid-up share capital of BCL in phases. The company has also received approval to set up a wholly owned subsidiary in Singapore.

The board at its meeting held on December 24, 2012 has approved for the same. Besides, a committee of the directors has been formed to approve other terms including investor rights, funding schedule and the price at which it will be divested to the investors.

Binani Industries is the holding company of the $1.6-billion Braj Binani Group. The business portfolio of Binani Industries includes sectors like cement, zinc, glass-fiber and downstream composite products.

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