Sagar Cements (SCL) 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 10 each at a price of Rs 720.00, including a premium of Rs 710.00 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.
Sagar Cements is one of the most modern mini cement plants in the state of Andhra Pradesh. The plant is based on Dry Process Rotary Kiln Technology that is used in ‘Standard Quality' cement companies.