Binani Cement said that pursuant to the powers given to the investment committee, has invested in 100% of the capital of Mukundan Holdings, a company incorporated in the British Virgin Islands.
Consequently Mukundan Holdings has become a wholly owned subsidiary of the company.
Further consequent to the request received from Mukundan Holdings, the finance committee has approved the giving of a corporate guarantee for an amount of USD 85 million against facilities granted to them by the lending institutions.
Shares of the company gained Rs 0.25, or 0.31% to settle at Rs 80. The total volume of shares traded was 37,446 at the BSE. (Tuesday).