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The board of Sagar Cements on Friday approved the issuance of 1.32 crore shares at ₹265 a 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.
Post the investment, PIOF will own 10.10 per cent stake in the company and will have a nominee on the Board. Promoters' ownership will reduce to 45.20 per cent (from 50.28 per cent).
The proceeds of current equity issue will be largely utilised towards meeting the organic and inorganic expansion plans along with funding its general corporate purposes.
Shares of Sagar Cements closed 1.51 per cent higher at ₹254.85 on the BSE.
PIOF will work with the promoters of Sagar Cements in setting up a best-in-class governance process, through appointment of advisors/independent directors as appropriate, in consultation with other stakeholders to drive value creation for all the shareholders, the company said in a notice to the stock exchanges.
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