Binani hits 52-week high on approval to stake sale in arm

Shares of Binani Industries touched a 52-week high of Rs 157.40, up 20 percent on news the company will divest stake in Binani Cement to a subsidiary in Singapore.
 
On Monday, Binani Industries has approved "In-principle" to divest out of its holding in Binani Cement Limited (BCL), a subsidiary of the company, upto 40% of the paid-up share capital of BCL in phases. "A committee of the directors has been formed to approve other terms including investor rights, funding schedule and the price at which it will be divested to the investors," the company said.

Binani has approved to set up a wholly owned subsidiary in Singapore. At 14:03 hours IST, the stock gained 8.73 percent to Rs 142.65 amid heavy volumes. Trading volumes increased significantly to 3,11,212 shares as compared to its five day average of 19,947 shares. Also Read
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