Share price of Binani Industries gained 8 percent in the early trade on Friday as company filed an application to terminate CIRP of its subsidiary.
The company filed an application for termination of the company insolvency and resolution proceedings (CIRP) of its subsidiary Binani Cement.
Binani Industries has received an offer from the Aditya Birla group firm UltraTech to transfer its 98.43 percent stake in Binani Cement (BCL) for Rs 7,266 crore.
However, the deal was subject to ending the insolvency proceedings against BCL, whose Credit of Creditors (CoC) led by Bank of Baroda has approved Rs 6,350 crore bid from Dalmia Bharat group’s wholly-owned subsidiary, Rajputana Properties.
At 09:20 hrs Binani Industries was qu…
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