Binani Industries hits 52-week high on stake sale in Binani Cements

NEW DELHI: Binani Industries Ltd surged over 10 per cent to hit its 52-week high of Rs 157.40 on Wednesday after the company said that its Board has given in-principle approval to divest its holding in subsidiary firm Binani Cement by up to 40 per cent.

At 10:00 am, Binani Industries was trading 10 per cent higher at Rs 144.50. It has hit a low of Rs 135 and a 52-week high of Rs 157.40 in trade today.

Binani Cement is the flagship company of BIL, representing the Braj Binani Group. The company currently has a 6.25 MTPA cement making capacity in India, its website showed.

"...the Board of Directors of the company at its meeting held on December 24, 2012, inter alia, has approved "in-principle" to divest out of its holding in Binani Cement Ltd (BCL), a subsidiary of the company, up to 40 per cent of the paid-up share capital of BCL," the company said in a filing to the BSE.

The company has formed a Committee of Directors "to approve other terms including investor rights, funding schedule and the price" at which the stake in Binani Cement will be divested to the investors, it added.