It appears , now , nearly all the Equity is with the holding company of Braj Binani , Binani Industries ( Listed ).
It seems Binani Cement , because of its massive debt ( reportedly Rs. 3500 crore ) is in deep trouble.
Annual Report ( 2014 -15 ) of holding Company Binani Industries states :-
BCL suffered major setback in its performance due to poor demand scenario that prevailed in the Cement Industry owing to reduced activities in Infrastructure and Real Estate sectors. The situation was further aggravated due to certain coercive actions initiated in the last quarter of FY''14, by the Rajasthan VAT Authorities (RVAT), in connection with all past dues which were earlier in dispute. This lead to intermittent stoppage of production and dispatches of cement Furthermore, liquidity constraints have also affected the smooth operations of BCL. BCL has paid Rs. 278 crore to the RVAT authorities during February 2014 to September 2015. BCL has been sanctioned a restructuring package by the lenders in the Joint Lenders Forum for funding the sales tax liability. Lenders'' have disbursed only part of the sanctioned amount. Immediate disbursement of the entire sanctioned loans will facilitate settling of issues with the RVAT authorities and normalization of operations
Earlier , attempts were made to restructure debt ( by converting in to Equity ) or finding a new Promoter ( MNC ). But no progress.
"People close to the development said Binani Cement was also approached by a multinational for an acquisition------.
Now , the Banks have sold off their Loans to Binani Cement to ARC ( Asset Reconstruction Companies )
After failed restructuring efforts, banks are in the process to sell off loans of Binani Cement to asset restructuring companies (ARCs), sources say. The company has debt to the tune of Rs 3,500 crore.
Read more at:.
Binani Cement Official Site :-
June 11, 2017
Binani Cement to Issue Shares @ Rs.185/53p in Loan Restructuring
Binani Cement delisted in 2011 at the Exit price of Rs 90 /-
General Warning : Investment in shares can be injurious to your WEALTH.
Caution :The blog writer has personal/ family members' holdings in this company ,so please make suitable "provisions " for likely over optimism
( PS : All information given in good faith. Please recheck all facts etc. No responsibility with this author / blog. )