Equity Market Pundit

Binani Cement Limited is entering the capital markets. with a Public Offer of 20,500,000 Equity Shares of Rs. 10 each for cash, through an Offer for Sale by JP Morgan Special Situatbns (Mauritius) Limited ("Selling Shareholder"). The Offer shall be through the 100% book - building process.

JP Morgan Chase controlled equity fund picked up 25% in BCL for about Rs 150 crore. It is now selling part of its stake, about 10% of BCL’s equity capital, through the IPO.

The Company posted a T otaT Income of Rs. 5,665mn and a Profit before tax of Rs. 1097mn for the nine months ended December 31, 2006. It posted a T otallncome of Rs 5,840mn and a Profit before tax of Rs 581mn for the year ended March 31, 2006.

The Price Band for the Offer has been fixed between Rs. 75 and Rs. 85 per Equity Share. The Public Offer opens on May 7. 2007. and closes for subscription on May 10, 2007. The Offer shall constitute 10.09% cif the Post-Offer paid-up capital of the Company. The Equity Shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

BINANI CEMENT LTD - IPO - 175 crore - bookbuilding - price band 75 to 85 - lot 80- shares - open 7th to 10th - www.binani.com