Binani Ind up 5% on talks of UltraTech closer to acquire Binani Cement

The stock is locked in upper circuit of 5% at Rs 109 on BSE after the media report suggested that UltraTech Cement sought permission from the CCI for the takeover of Binani Cement.

Binani Industries is locked in upper circuit of 5% at Rs 109 on BSE in early morning trade after the media report suggested that UltraTech Cement sought permission from the Competition Commission of India (CCI) for the takeover of Binani Cement.

Binani Cement is the subsidiary company of Binani Industries.

Till 09:33 am; a combined 21,042 equity shares changed hands and there were pending buy orders for 56,169 shares on the BSE and NSE.

UltraTech Cement, the Aditya Birla Group Company, is leading the race to take over Binani Cement by offering around Rs 62 billion and a 20% stake in the company to unsecured financial creditors.

On Thursday, UltraTech Cement sought permission from the CCI for the takeover and said its merger proposal for Binani Cement was being submitted in relation to the resolution plan filed by UltraTech on February 12 under the Insolvency and Bankruptcy Code, the Business Standard report suggested. CLICK HERE TO READ FULL REPORT.