JK Cement board to invest Rs600 crore to foray into paint business through subsidiary; Stock dives 6.5%

7 Mar 2022 , 10:21 AM

J K Cement Ltd has informed that the Board of Directors in their Board Meeting held on March 05, 2022 has considered / approved entering into Paint business through a wholly owned subsidiary (WOS), formation of new wholly owned subsidiary and investment in the said wholly owned subsidiary.

According to the filing, the WOS would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and servlces.

The Board of Directors have approved an investment of up to Rs600 crore spread over the first 5 years.

At around 10:22 AM, J K Cements was trading at Rs2,464.70 apiece down by Rs173.55 or 6.58% against its previous closing of Rs2,638.25 apiece on the BSE.