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Wednesday, November 08, 2006

Binani revives stake sale plan in cement arm

Binani Industries has revived its plan to float 10.9% equity of its cement arm Binani Cement through a public issue, reports The Hindu Business Line.

On Tuesday, the company said it had withdrawn the draft prospectus filed with Sebi in February for sale of 10.9% in the cement arm.

Instead, the prospectus will be re-filed, with JP Morgan Special Situations (Mauritius), to dilute part of its 25% equity stake in Binani Cement, bought from Binani Industries in September for Rs 250 crore (Rs 49.2 per share).

Binani Industries had earlier made a private placement of 10.09% of the paid-up capital of BCL to Ganesha Prime Holdings (Mauritius), a subsidiary of Credit Suisse Private Equity Partners Asia LP, at a price of Rs 73 per share.

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