Binani Cement to raise US$ 125 Million through overseas issue

Binani Cement Ltd has announced that the Board of Directors of the Company at its meeting held on January 19, 2008, inter alia, has approved the issue of FCCBs / ADRs / GDRs and / or any other instruments aggregating to US$ 125 Million subject to necessary approvals.

Approved the Increase in Borrowing Limits from Rs 1000 Crores to Rs 2000 Crores subject to necessary approvals.

Approved the payment of commission to Directors other than Managing Director / Wholetime Directors to the extent permitted under Companies Act, 1956 subject to approvals.

Approved the convening of the Extraordinary General Meeting to approve item nos. 1 to 3 as stated above on February 15, 2008.

Source : Equity Bulls

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