Azim Premji’s Investment Arm Premesi invested opportunity funds on March 25 agreed to choose a little more than 10% of the shares in Semen Hyderabad-Segar Cemensional Company Ltd. for around Rs 350 Crore.

Segar cement cement among the lowest cost cement producers in India with its production capacity currently standing at 8.25 million tons per year.

In the Communique on the stock market, Semen Sagar said the board of directors at their meeting held on March 25 have approved the issuance of 1.32 shares of crore equity from the nominal value of RS 2 each supporting a premium of RS 265 a preferential basis.

Semen Sagar is four decades with southern India dominated by the southern market because the essence has expanded its market presence in East and Central India through recent acquisitions.

Semen Sagar said that it would spread the results of the RS 350 Crore from the sale of pegs to the premso in investing towards fulfilling organic and inorganic expansion, in addition to funding the purpose of the general company.

Sales of pegs with a preferential base for investing Premenji will reduce Segar Semen Promoter Holding to 45.2% from 50.28%.

Premji invests, with 10.10% betting in Sugar cement, will have a candidate in the Cement Council. It will also work with Sugar Semen promoters in preparing the best governance process in its class, through an appointment of an independent independent advisor / director in an effort to encourage value creation for all shareholders.

The Joint Managing Director of Sagar Cements S. Sreekanth Reddy said they would look forward to input from the Premesi Invest “towards strengthening our processes and systems and increasing the value for all our stakeholders.”

Rajesh Busah, partner in Premenji invested, Semen Sagar said well positioned to become a PAN Indian player with an inorganic plan and expansion outside of South India. He said the premsoist invested would “hope to work together and help companies achieve their growth goals and become PAN India brands with the best governance process in its class.”

Segar Semen shares in BSE closed at Rs 254.85 per share, up 1.51%, on March 25.