Financial Daily from THE HINDU group of publications
Thursday, Feb 16, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 16, 2006 |
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Markets
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IPOs Binani Ind submits draft prospectus for cement company Our Bureau
Kolkata , Feb. 15 BINANI Industries Ltd (BIL) has submitted a draft red herring prospectus for 100 per cent book-built offer for sale of 10.09 per cent stake of Binani Cement Ltd (BCL), an unlisted company, in which it is the promoter and the majority stakeholder. The public offer is for 2.05 crore shares of Rs 10 each. The cement company has a 2.25 tpa plant at Sirohi, Rajasthan. It also has two limestone mines and a 25 MW coal/lignite-based power plant in Rajasthan. BIL currently holds 75 per cent stake in BCL. SPIL, an investment arm of JP Morgan Special Situations Asia LLC (a wholly owned subsidiary of JP Morgan Chase & Co, US), holds 25 per cent stake in BCL. JP Morgan Securities India has also extended a term loan of Rs 13 lakh to the company. The draft prospectus suggests listing of the stocks. The company's total number of paid-up shares would remain unchanged at 20,31,01,274 shares, if the offer is approved by the Securities and Exchange Board of India and Registrar of Companies, and attracts full subscription.
More Stories on : IPOs | Cement
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