Binani Industries subsidiary to raise US$ 125 million

Binani Industries 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 aggregating to US$ 125mm by Binani Cement Ltd, a listed subsidiary subject to approvals.

Approved the issue of 50,00,000 Warrants to the promoters and associates on a preferential basis convertible into equal number of Equity Shares within a period of 18 months at a price not less than Rs 253.15 per Share under SEBI Guidelines for preferential issues subject to approvals.

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

Approved the convening of Extra Ordinary General Meeting to approve item No. (2) & (3) on February 15, 2008.

Source : Equity Bulls

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