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MUMBAI: Binani Industries has said that it would divest 25 per cent stake in its subsidiary Binani Cement to an international financial investor.

The company did not provide the name of the investor and the price at which these shares will be placed.

The company's board also approved to swap up to 50 per cent of the company's equity with the shares of Binani Cement and Binani Zinc. After this, shareholders will get the shares of Binani Cement and Binance Zinc and their shareholding in Binani Industries will be cancelled.

The swap ratio is that for 20 shares of Binani Industries, shareholders will get 25 shares each of Binani Cement and Binani Zinc, a notice by the company to the BSE said.

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