PremjiInvest to invest Rs.350-Cr in Sagar Cements

Publicly listed Sagar Cements has approved the issuance of 1,32,07,548 equity shares of face value of INR 2 each at an issue price of INR 265/- per share on a preferential basis, to PI Opportunities Fund ("PIOF"), an affiliate of PremjiInvest. The proceeds of current equity issue will be largely utilized towards meeting the organic and inorganic expansion plans of the company along with funding its general corporate purposes. Post the investment, PIOF will own 10.10% of Sagar Cements and will have a nominee on the Board. The promoters' ownership in the company, after the allotment will decline to 45.20% from 50.28%. o3 Capital acted as the exclusive Financial Advisor and Samvad Partners acted as the Legal Advisor to Sagar Cements.