JP Morgan to dilute stake in Binani Industries subsidiary Binani Cement Ltd

Binani Industries Ltd has announced that the Company has received communication on October 19, 2006 from JP Morgan Special Situations (Mauritius) Ltd (Previously Silver Peak Investment (Mauritius) Ltd) who holds 5,07,75,318 Equity shares of Rs 10/- each (constituting 25% of Paid-up Share Capital of Binani Cement Ltd (BCL), a subsidiary of the Company) that they propose to dilute their holding in BCL by making an offer for sale of 2,05,00,000 Equity Shares of Rs 10/- each (constituting 10.09% of the paid up capital of BCL) through a 100% Book Building process.

Source : Equity Bulls

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