Binani Cement Ltd to issue public offer on May 7

Mumbai, Apr 27: Binani Cement Ltd, a subsidiary of Binani Industries Ltd, here today annouced that it would enter the capital market on May 7 with its public offer of Rs 20,500,000 equity shares of Rs 10 each.

The price band for the offer has been fixed between Rs 75 and Rs 85 per equity share and the public offer will open on May 7 and the subscription will be closed on May 10. The offer shall be through cent per cent book building process, said Company Promoter Baraj Binani.

Mr Binani told mediapersons that the offer shall constitute 10.09 per cent of the post-offer paid up capital of the company and the equity shares are proposed to be listed in the National Stock Exchange (NSE) along with Bombay Stock Exchange (BSE).

At least 60 per cent of the offer will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs). Upto 30 per cent of the offer shall be available for allocation on a proportionate basis to the retail Individual bidders and upto 10 per cent shall be for allocation to non-institutional bidders, he added.

UNI