Binani Cement Ltd Public Issue to open for subscription on 7-May-2007

The Initial Public Offering which is an Offer for sale by existing investors of Binani Cement Ltd will open for subscription on Monday, 7-May-2007. The issue will close for subscription on 10-May-2007.

The company is coming out with a public offer of 20,500,000 equity shares of Rs.10 each through an offer for sale by JPMorgan Special Situations (Mauritius) Ltd for cash at a price band of Rs.75 to Rs.85 through 100% book building process. The offer shall constitute 10.09% of the post offer paid up capital of the company.

Out of the issue, 12,300,000 shares are reserved for Qualified Institutional Buyers (QIBs), 2,050,000 shares are reserved for Non Institutional Investors and 6,150,000 shares are for Retail Individual Investors (RIIs).

The equity shares are proposed to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

ICICI Securities Ltd is the Book Running Lead Manager to the issue. Intime Spectrum Registry Ltd is the registrar to the issue.

The company's website is Binani Cement Ltd

Click Here to read company's prospectus Binani Cement Ltd

Source : Equity Bulls

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