<article>Ajay G. Piramal-controlled <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Piramal+Enterprises+Ltd">Piramal Enterprises Ltd</a> has put in Rs 256.6 crore ($38.6 million) in Sanghi Industries Ltd through non-convertible debentures, the company said on Thursday.</article>

Ajay G. Piramal-controlled <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Piramal+Enterprises+Ltd">Piramal Enterprises Ltd</a> has put in Rs 256.6 crore ($38.6 million) in Sanghi Industries Ltd through non-convertible debentures, the company said on Thursday.
Gujarat-based cement company <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Sanghi+Industries">Sanghi Industries</a> will use the money to reduce its debt ahead of schedule and save on interest outgo.
&#8220;The investment endorses the quality of the assets of the company which makes it the price and cost leader in the growing western market,&#8221; Piramal Enterprises said in a statement.
“This debenture funding has opened up many new opportunities for the company. In coming months, cement demand will be fuelled by the substantial infrastructure spending in rural regions. We look forward to a new phase of growth,” said Ravi Sanghi, chairman and managing director, Sanghi Industries.
Sanghi Industries Ltd, the flagship company of The Ravi Sanghi Group, deals in the production and distribution of cement under the brand name Sanghi Cement. Founded in 1985, the company has an installed capacity of 4.1 million tonnes (MT) per annum in Kutch district, Gujarat, constituting about 16 percent of the state’s production.
Motilal Oswal Investment Banking was the solution provider and the arranger for the funding.
Only last month, Piramal group announced to <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/piramal-enterprises-apg-asset-management-commit-132-million-to-essel-green-energy-35787/">invest</a> $132 million in Essel Infrastructure Ltd’s solar platform across India, alongwith Dutch pension fund asset manager APG Asset Management.
Prior to that, it <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/piramal-enterprises-unit-buys-adaptive-software-in-the-us-32721/">acquired</a> Adaptive Software Llc for $24.5 million through its US-based subsidiary Decision Resources Group (DRG).
Piramal Enterprises&#8217; scrip closed at Rs 1079.05 each, up 1.53 per cent on BSE in a strong Mumbai market on Thursday.
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Piramal Enterprises made the investment through non-convertible debentures.

India: Piramal Enterprises invests $38m in Sanghi Industries via NCDs

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India: Piramal Enterprises invests $38m in Sanghi Industries via NCDs

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