Sagar Cements successfully concludes QIP

Sagar Cements Limited has successfully concluded its fund raising exercise through Qualified Institutional Placement (QIP). Anand Rathi Advisors Ltd. and YES Securities India Limited acted as merchant bankers to this QIP issuance.

The amount was raised by issuing 24,00,000 equity shares of Rs. 10 each at a price of Rs. 720, including a premium of Rs. 710 per share. Post issue, the institutional holding is in excess of 18.7% as against 7.3% pre-QIP. The transaction witnessed participation of highly reputed investors.

The funds raised will be deployed to meet capital expenditure for increasing the capacity of its grinding unit at Bayyavaram, from 1,81,500 MT to 15,00,000 MT per annum, setting up of a 15 MW coal based captive power plant at its Mattampally unit and for general corporate purposes.

Shares of SAGAR CEMENTS LTD. was last trading in BSE at Rs.750 as compared to the previous close of Rs. 748. The total number of shares traded during the day was 168 in over 12 trades.

The stock hit an intraday high of Rs. 750 and intraday low of 742. The net turnover during the day was Rs. 125565.

Source : Equity Bulls

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