Binani Cement fixes floor price at Rs 82

Our Bureau Mumbai | Updated on January 24, 2011 Published on January 24, 2011

Binani Industries plans to delist Binani Cement by acquiring 30.1 per cent of the public shareholding.

Binani Industries is yet to decide the share purchase price but the floor price has been fixed at Rs 82 a share.

The promoters hold 69.9 per cent stake in the company as on September 30. The notice also said that the objective of the delisting plan is to consolidate the shareholding of the company.

The shares of Binani Cement closed up 1.91 per cent at Rs 90.6 on the BSE on Thursday.

According to the company's shareholding pattern, JP Morgan Special Situations (Mauritius) and LIC and Credit Suisse Limestone (Mauritius) are public shareholders who hold more than one per cent stake in Binani Cement as on September 30, 2010.

The delisting offer will open on February 7 and will close on February 11. The last date of upward revision or withdrawal of bids is February 10.

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Published on January 24, 2011
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