JK Cement zooms ~1% as board nods Rs500 crore fund raise

23 May 2022 , 10:18 AM

JK Cement’s counter showed positive cues for the investors in Monday morning trade as the board informed exchanges of approval of a fund-raise plan worth Rs500 crore.

JK Cement informed that the board had recommended the approval of the shareholders' resolution to raise funds from the date of passing of the resolution in the 28th Annual General Meeting till one year after the issue of secured/redeemable non-convertible debentures in one or more series/tranches on private placement basis for an amount upto Rs500 crore at an interest rate that the prevailing money market conditions will determine at the time of borrowing.

In this regard, the company has decided that the 28th Annual General Meeting of the Company will be held on Saturday, August 13, 2021, through permitted means.

The Board has also recommended dividend at the rate of Rs15 per equity share (150%) of Rs10 each for the financial year 2021-22 for approval by the shareholders at the ensued general meeting.

JK Cement’s stock was trading at Rs2,465.50, up by Rs18.10 or 0.74% against the previous close of Rs2,449.15 on the NSE. So far it touched an intraday high of Rs2,470.