Sagar Cements climbs 3% on reports of new acquisitions
Shares of Sagar Cements climbed over 3 percent in morning trade on Thursday after the company said it was increasing its stake in Odisha-based Jajpur Cements and MP-based Satguru Cement.
Sagar Cement will acquire the entire shareholding of Jajpur Cements from the current promoters and obtain requisite approvals to construct a 1.5 MTPA cement grinding facility, the company said in a regulatory filing.
The company will invest Rs 150 crore in Satguru Cement to set up a greenfield cement manufacturing plant of 1 million tonne capacity along with a waste heat recovery power plant at Rs 426 crore.
Sagar Cement will be holding 65 percent in the equity share capital of Satguru Cement on completion of the above projects, the company said in a BSE filing.