Equity fund may pick up 25 percent in Binani Cement.
Economic Times (New Delhi, India), September, 2005
Sep. 2--MUMBAI, India -- Binani Cement, the cement arm of the Binani Industries, may see the induction of a strategic investor. An equity fund controlled by JP Morgan Chase has emerged as the front-runner to pick up 25 percent stake in Binani Cement.
Binani Industries board is meeting on Friday to discuss a proposal to disinvest a part of the shares held by the company in Binani Cement. Share price of Binani Industries rose by 10 percent to Rs 93 at the BSE on rumours of probable induction of strategic investor in the company.
The board is also considering a scheme of arrangement to swap part of the company's shares with the shares of Binani Cement or Binanai Zinc. The sale value of the cement division is expected to be Rs 150 crore. Sources said the...
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