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

JK Cement’s counter confirmed constructive cues for the traders in Monday morning commerce because the board knowledgeable exchanges of approval of a fund-raise plan price Rs500 crore.

JK Cement knowledgeable that the board had beneficial the approval of the shareholders’ decision to lift funds from the date of passing of the decision within the twenty eighth Annual Basic Assembly until one yr after the problem of secured/redeemable non-convertible debentures in a number of sequence/tranches on non-public placement foundation for an quantity upto Rs500 crore at an rate of interest that the prevailing cash market circumstances will decide on the time of borrowing.

On this regard, the corporate has determined that the twenty eighth Annual Basic Assembly of the Firm will probably be held on Saturday, August 13, 2021, by way of permitted means.

The Board has additionally beneficial dividend on the fee of Rs15 per fairness share (150%) of Rs10 every for the monetary yr 2021-22 for approval by the shareholders on the ensued basic assembly.

JK Cement’s inventory was buying and selling at Rs2,465.50, up by Rs18.10 or 0.74% towards the earlier shut of Rs2,449.15 on the NSE. To date it touched an intraday excessive of Rs2,470.