Kotak Mahindra Bank arm announced that it has invested Rs 5.50 billion in Sanghi Industries Group by subscribing to non-convertible debentures of the cement-making company and its promoter grouping.
Kotak Special Situations Fund's infusion will correct Sanghi Industries' capital structure, help the company's liquidity profile, and enhance its operations, according to a statement.
The investments being done from a USD 1 billion fund by KSSF will include Rs 5 billion in the NCDs of Sanghi Industries (SIL) and the remaining Rs 500 million in the NCDs of a company owned by the promoters of SIL which in turn will be infused into the company.
With this deal, KSSF has completed 13 deals and deployed over Rs 6.3 billion, the statement said.
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