Sagar Cements board allots over 1.32 crore equity shares on preferential basis; Stock zooms 4%

9 May 2022 , 09:53 AM

Sagar Cements Limited has announced that its Board of Directors in its meeting held May 07, 2022, allotted 1,32,07,548 equity shares of face value of Rs. 2 each at an issue price of Rs.265/- per share, to PI Opportunities Fund — I Scheme II (“PIOF”), 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 at their Extra-Ordinary General Meeting held on April 23, 2022.

Pursuant to the above allotment, the paid-up equity share capital of the Company stands increased from Rs.23,50,00,000/- to Rs.26,14,15,096/-.

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, said  company in a filing.

At around 9:57 AM, Sagar Cements was trading at Rs232.90 apiece up by Rs8.8 or 3.93% from its previous closing of Rs224.10 apiece on the BSE.