Markets

Binani Industries jumps 3% after lenders pick Dalmia-Bain

Binani Industries surged over 3 per cent on Wednesday morning after reports that a consortium of Dalmia Bharat and Bain Piramal Resurgence Fund emerged as the top bidder for Binani Cement with a Rs 6,700-crore offer.

Binani Cement is a subsidiary of Binani Industries.

After a four-hour meeting in Mumbai, the lenders led by Bank of Baroda voted for the Dalmia-Bain plan involving some equity infusion, according to a report by ET.

Binani Industries was trading 3.08 per cent up at Rs 115.35 at around 10.20 am (IST). The open was at Rs 117.45. The scrip touched a high and low of Rs 117.45 and Rs 113.95, respectively.

The benchmark BSE Sensex came down 160 points, or 0.47 per cent, to 34,186.

The total offer made by the Dalmia consortium is Rs 6,700 crore, which includes Rs 6,313 crore in dues to the lenders and another Rs 400 crore of capital infusion for running the company, the report added.

Binani had hit 52-week high of Rs 152.80 on January 17, 2018, and 52-week low of Rs 67.05 on August 11, 2017.

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