Mumbai, Oct. 6: The promoters of Binani Cement Ltd will delist the company.
Binani Industries, which holds around 70 per cent of the company, plans to acquire all the shares held by the public.
The board of directors decided to voluntarily delist its shares from the bourses where they are listed — BSE and NSE — subject to the approval of the shareholders by postal ballot and in accordance with the Sebi (Delisting of Equity Shares) Regulations, 2009 and other laws and regulations, Binani Cement said.
However, the price at which these shares will be acquired was not disclosed. The announcement led to the shares of Binani Cement surging on the bourses on expectations that the promoters will take the reverse auction route to acquire the remaining shares. On the BSE, the scrip gained 14.41 per cent, or Rs 12.05, to Rs 95.65. Binani Industries also gained 10.36 per cent to Rs 121.45.
Binani Cements public shareholding stands at around 30.01 per cent. At the current market price, the promoters will have to pay close to Rs 550 crore to acquire the stake.