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Business News/ Companies / Binani Metals to merge with Binani Industries
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Binani Metals to merge with Binani Industries

Binani Metal shareholders will get 50 fully paid up equity shares of Binani Industries for each shares held

Binani Industries has business interests in cement, zinc, glass fibre, energy and industrial infrastructure. Photo: MintPremium
Binani Industries has business interests in cement, zinc, glass fibre, energy and industrial infrastructure. Photo: Mint

Mumbai: Binani Industries Ltd., a group that has business interests in cement, zinc, glass fibre, energy and industrial infrastructure, will merge its unit Binani Metals Ltd with itself.

Binani Metal shareholders will get 50 fully paid up equity shares of Binani Industries for each shares held.

Binani Metal non-cumulative redeemable preference shareholders will get 10 such shares of Binani Industries for each shares held.

In its filing to BSE, Braj Binani-controlled Binani Industries said the Binani Metals would be amalgamated with Binani Industries from the date of 1 April.

Consultancy firm Keynote Corporate Services Ltd has issued a fairness opinion on the swap ratio recommended by Walker Chandiok & Co, a chartered accounting firm.

The amalgamation is subject to requisite approvals of the shareholders and other regulatory authorities, the company said in its filing.

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Published: 04 Jul 2015, 03:30 PM IST
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