Kotak Special Situations Fund invests ₹550 Cr via NCDs in this cement company
Summary
Announcing today that it has committed 550 crore to Sanghi Industries Group in the form of non-convertible debentures (NCDs), Kotak Special Situations Fund (KSSF), administered by Kotak Investment Advisors Limited (KIAL), made the announcement. From the total, KSSF invested 500 crore in the NCDs of Sanghi Industries Limited (SIL) and 50 crore in the NCDs of a company run by SILs promoters, which would then be infused in SIL.The timely infusion of KSSF will improve operations, and the companys liquidity profile, and restore SILs capital base. It also underlines how KSSF, through its experience and expertise, has structured a solution that addresses SILs specific financial requirements. The company is one of Indias well-known cement makers and has a significant presence in Gujarat.The Board of Directors of SIL also informed stock exchanges today by saying that We would like to inform you that at the meeting of the Business Operations and Finance Committee of the Board of Directors of the Company held today i.e. on Tuesday, 29th November, 2022, the Business Operations and Finance Committee of the Board of Directors of the Company has inter alia approved the allotment of 5000 (Five Thousand) Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (NCDs) totally aggregating to Rs. 10,00,000/- (Rupees Ten Lakh Only) each on Private Placement basis, to the applicant.