Binani Industries (BIL) today said its Board has given in-principle approval to divest its holding in subsidiary firm Binani Cement by up to 40 per cent.
"...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 bourse 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.
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.
In 2011-12, the company had reported a net profit of Rs 48.40 crore and net sales of Rs 2,019.05 crore. As on September 30, 2012, the company's total paid up equity capital share was Rs 188.60 crore with a face value per share of Rs 10.