Sanghi Ind stock up nearly 11% as Piramal invests Rs 257 cr into company

Shares of Sanghi Industries soared almost 11% on Friday after Piramal Enterprises invested Rs 256.5 crore in the company by subscribing to the cement maker's non-convertible debentures.

The stock surged 10.26% to Rs 74.10 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), it zoomed 10.96% to Rs 74.40.

Piramal Enterprises on Thursday 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.

On Friday, the stock of the company closed up 5.51% or Rs 3.70 at Rs 70.90 per scrip on the BSE.