Binani Industries subsidiary receives SEBI observations on DRHP of "Offer for Sale"

Binani Industries Ltd has announced that Binani Cement Ltd (BCL), a subsidiary of the Company on February 14, 2007 has received the SEBI observations on the Draft Red Herring Prospectus (DRHP) filed by the Company in connection with the "Offer for Sale" of 20,500,000 Equity Shares of Rs 10/- each of BCL by JP Morgan Special Situations (Mauritius) Ltd. Depending upon the market conditions the aforesaid offer is likely to take place in the month of March 2007.

Further the Company has informed that, BCL has been allotted Lignite Block by the Government of India to meet the requirements of the Captive Thermal Power Plant of BCL.

Further the Company has also informed that, Lignite Block allotted to BCL is situated at Nimbri Chandavadan in the state of Rajasthan.

Source : Equity Bulls

Keywords