Sagar Cements (SCL), one of the most efficient cement manufacturers in the country, has successfully concluded its fund raising exercise through Qualified Institutional Placement (QIP). Anand Rathi Advisors and YES Securities (India) acted as merchant bankers to this QIP issuance.
The amount was raised by issuing 24,00,000 equity shares of Rs 101- each at a price of Rs 720.00, including a premium of Rs 710.00 a 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 response to this QIP issue is a standing testimony to Sagar's consistent financial performance and confidence reposed by investors in the Company's ability to deliver and create value for all its stakeholders.
Sreekanth Reddy, Executive Director, Sagar Cements, said, "We thank the investors for reposing their trust in us. This fund raising was primarily targeted towards securing funds to help us meet our future growth plans besides diversifying our shareholding structure by increasing the presence of more renowned institutional shareholders."
Shares of the company gained Rs 13.9, or 1.86%, to trade at Rs 762.30. The total volume of shares traded was 592 at the BSE (1.15 p.m., Thursday).