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In October, the board of directors of the company approved the fund-raising plan, which was primarily meant for expanding the capacity of the company's grinding unit at Bayyavaram in Andhra Pradesh to 1.5 million tonnes from the present Rs 3 lakh tonne level at a cost of around Rs 167 crore.
Besides this, about Rs 76 crore would be spent on setting up a 15 Mw coal-fired captive power plant at its main cement plant at Mattampally in Telangana.
To implement the above projects and for other general corporate purposes, the board had proposed to raise a sum not exceeding Rs 300 crore by way of issuance of securities, which includes the issue of 611,986 equity shares of Rs 10 each on a preferential basis to promoter and promoter group and to others, Sagar Cement said.
At 11:55 am, the stock was up 13% at Rs 703 on the BSE, as compared to 0.2% rise in the S&P BSE Sensex. A combined 208,548 shares changed hands on the counter against an average sub 20,000 shares that were traded daily in past two weeks on the BSE and NSE. The stock hit a record high of Rs 835 on October 14, 2016 on BSE in intra-day trade.