PTI reported that Binani Industries has given in principle approval to divest its holding in subsidiary firm Binani Cement by up to 40%.
The company said that"The Board of Directors of the company at its meeting held on December 24th 2012,inter alia,has approved in principle to divest out of its holding in Binani Cement Ltd a subsidiary of the company,up to 40%of the paid up share capital of BCL."
It said that 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.
Its website said that Binani Cement is the flagship company of BIL,representing the Braj Binani Group.The company currently has a 6.25 million tonne per annum cement making capacity in India.
In 2011-12,the company had reported a net profit of INR 48.40 crore and net sales of INR 2,019.05 crore.
As on September 30th 2012,the company's total paid up equity capital share was INR 188.60 crore with a face value per share of INR 10.