Sagar Cements jumps on raising Rs 350 crore by allotment of shares to Premji Invest
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Sagar Cements is currently trading at Rs. 231.05, up by 6.95 points or 3.10% from its previous closing of Rs. 224.10 on the BSE.
The scrip opened at Rs. 221.00 and has touched a high and low of Rs. 236.05 and Rs. 221.00 respectively. So far 3566 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 319.00 on 06-Aug-2021 and a 52 week low of Rs. 148.21 on 07-May-2021.
Last one week high and low of the scrip stood at Rs. 239.70 and Rs. 213.00 respectively. The current market cap of the company is Rs. 3021.30 crore.
The promoters holding in the company stood at 50.28%, while Institutions and Non-Institutions held 14.11% and 35.61% respectively.
Sagar Cements has raised Rs 350 crore by allotting 1.32 crore equity shares at a price of Rs 265 per share to PI Opportunities Fund I - Scheme II, an affiliate of Premji Invest, a leading private equity fund in India on a preferential basis in accordance with the approval accorded by the shareholders.
The investment proceeds will be largely utilized towards meeting the organic and inorganic expansion plans of the company along with funding its general corporate expenses.
Sagar Cements is a prominent player in the field of cement for adopting progressive manufacturing practices, whether it relates to maintaining high standards of quality of its products or development of its highly valued human resources or the need to keep the pollution to the barest minimum.
