Sagar Cements approves Preferential Allotment of equity shares to Premji Invest
Sagar Cements

Sagar Cements has approved the issuance of 1,32,07,548 equity shares of face value of Rs. 2 each at an issue price of Rs.265/- per share on a preferential basis, to PI Opportunities Fund (“PIOF”), an affiliate of Premji Invest, an investment arm of Azim Premji’s endowment and philanthropic initiatives, which has been active in investing in the Indian capital market for over fifteen years, with a large investment corpus. This investment is reflective of the quality and scale of business created by Sagar Cements over the past four decades. The Company today ranks amongst India’s lowest cost cement producers of high-quality cement with the current capacity of 8.25 MTPA tones.

Although its core market is the Southern region, Sagar Cements has also expanded its market presence in East and Central India through its recent acquisitions.

Post the investment, PIOF will own 10.10% of the Company and will have a nominee on the Board. Promoters’ ownership in the Company after the allotment will be at 45.20% (from 50.28%).