Shares of Sanghi Industries ended with a gain of nearly 6 per cent today after Piramal Enterprises invested Rs 256.5 crore in the company by subscribing to the cementmaker's non-convertible debentures.
The stock surged 5.51 per cent to settle at Rs 70.90 on BSE. During the day, it zoomed 10.26 per cent to Rs 74.10.
At NSE, shares of the company rose 5.66 per cent to close at Rs 70.85.
Also Read
Piramal Enterprises' stock ended flat at Rs 1,076.95, down 0.19 per cent on BSE.
Piramal Enterprises yesterday said it has invested Rs 256.5 crore in Sanghi Industries.
The company through its Structured Investment Group subscribed to non-convertible debentures of Sanghi Industries to the extent of Rs 256.5 crore to enable the company to term out its capital structure and repay its lenders ahead of schedule, Piramal Enterprises had said in a statement.
"Sanghi Industries has built a very strong brand in Gujarat market and we feel optimistic about its growth prospects, going forward," Piramal Enterprises Structured Investment Group Co-Head Jayesh Desai said.
"This debenture funding has opened up many new opportunities for the company. In the coming months, the cement demand will be fuelled by the substantial infrastructure spending in rural regions. We look forward to a new phase of growth," Sanghi Industries CMD Ravi Sanghi said.
