Binani Industries subsidiary Binani Cement declares 20% dividend

Binani Industries Ltd has announced that the Board of Directors of Binani Cement Ltd (BCL), the main operating Subsidiary of the Company at its meeting held on April 23, 2007, which was originally scheduled on April 24, 2007, inter alia, has declared an equity dividend of 20% subject to requisite approvals and the Company will receive an amount of Rs 26.40 Crores as dividend income by virtue of its 65% equity holding in BCL in the current year.

BCL Board has approved a price-band and the offer for sale of shares of BCL by JP Morgan Special Situations (Mauritius) Ltd is slated in the first half of May 2007.

The stock closed the day at Rs.242.15, up by Rs.3.65 or 1.53%. The stock hit an intraday high of Rs.248 and low of Rs.241. The total traded quantity was 14340 shares compared to 2 week average of 26492.

Source : Equity Bulls

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