Binani Ind seeks shareholders' nod to fund unit
Binani Industries on Tuesday said it is seeking shareholders' consent to provide additional financial assistance to its subsidiaries.
By PTI |
MUMBAI: Binani Industries, manufacturer of cement and non-ferrous metals, on Tuesday said it is seeking shareholders' consent to provide additional financial assistance to its subsidiaries.
The assistance is proposed to be given in the form of guarantees and securities to Binani Cement Ltd (BCL), Goa Glass Fibre Ltd (GGFL) and Binani Zinc Ltd (BZL) and others.
The company, by way of a postal ballot, is seeking shareholders' nod for special enabling resolutions, which would pave way for assistance in addition to the investments already made, Binani informed the Bombay Stock Exchange (BSE).
Once approved, the resolutions would enable Binani to provide financial assistance to an additional limit of Rs 676.62 crore comprising of corporate guarantees to be executed in favour of financial institutions and banks on behalf of BCL, BZL, and GGFL for Rs 1,000 crore, Rs 500 crore and Rs 100 crore respectively.
The proposed financial assistance is subject to necessary provisions and approvals.
The results of the postal ballot will be announced at the 44th Annual General Meeting of the company to be held on July 2.
The assistance is proposed to be given in the form of guarantees and securities to Binani Cement Ltd (BCL), Goa Glass Fibre Ltd (GGFL) and Binani Zinc Ltd (BZL) and others.
The company, by way of a postal ballot, is seeking shareholders' nod for special enabling resolutions, which would pave way for assistance in addition to the investments already made, Binani informed the Bombay Stock Exchange (BSE).
Once approved, the resolutions would enable Binani to provide financial assistance to an additional limit of Rs 676.62 crore comprising of corporate guarantees to be executed in favour of financial institutions and banks on behalf of BCL, BZL, and GGFL for Rs 1,000 crore, Rs 500 crore and Rs 100 crore respectively.
The proposed financial assistance is subject to necessary provisions and approvals.
The results of the postal ballot will be announced at the 44th Annual General Meeting of the company to be held on July 2.
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