The board of Sagar Cements has approved a proposal to invest ₹150 crore in Satguru Cement Pvt Ltd (SCPL), Indore, Madhya Pradesh, to set up a greenfield cement manufacturing plant of one mt capacity, along with a waste heat recovery power plant for ₹426 crore. SCL will hold 65 per cent equity in SCPL on completion of the projects. Similarly, the board has also approved to invest ₹108 crore in Jajpur Cements Pvt Ltd (JCPL), Jajpur, Odisha, in a phased manner to acquire 100 per cent stake in the company; through JCPL, it plans to set up a greenfield grinding unit of 1.5 mt capacity at ₹308.10 crore. The company expects the deals to be completed by March 2021. To fund these projects and for other general corporate purposes, the board has also approved a proposal to issue 31 lakh convertible warrants at a price not below ₹725 each on preferential basis. Shares of Sagar Cements slipped 1.11 per cent at ₹666.55 on the BSE.
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