STOCK MARKET BSE NSE

Sanghi Industries Surges 11 Percent as Piramal Invests Rs 257 Crore in Company

Shares of Sanghi Industries soared almost 11 per cent today after Piramal Enterprises invested Rs 256.5 crore.

Published: 22nd April 2016 12:25 PM  |   Last Updated: 22nd April 2016 12:25 PM   |  A+A-

By PTI

MUMBAI: Shares of Sanghi Industries soared almost 11 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 10.26 per cent to Rs 74.10 on BSE.

On NSE, it zoomed 10.96 per cent to Rs 74.40.

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 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.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp