JK Cement Ltd to raise Rs. 1000 crores

The Board of JK Cement Ltd in their Meeting held today has interalia decided to offer, issue and allot equity shares and/or GDRs and/or ADRs ('Securities') for an amount not exceeding Rs. 1000 Crores, to institutions, incorporated bodies, FIIs, QIBs, banks, mutual funds, insurance companies, pension funds, trusts, stabilizing agents etc, whether or not members, promoters, directors or their relatives / associates of the Company, through public issue and/or private placement and /or rights issue and / or preferential allotment and/or QIP subject to shareholders approval in 23rd AGM of the Co. convened on Saturday, 29.7.17.

The fund sought to be raised is proposed to be utilised for the purpose of funding Co.'s long term growth, repayment/prepayment of debt, general corporate purposes including capital expenditure and working capital or any other purposes as may be permissible under applicable law and approved by the Board.

The Meeting started at 12 Noon and ended at 1 P.M.

Shares of J.K.CEMENT LTD. was last trading in BSE at Rs.965.95 as compared to the previous close of Rs. 983.25. The total number of shares traded during the day was 1473 in over 179 trades.

The stock hit an intraday high of Rs. 995 and intraday low of 962. The net turnover during the day was Rs. 1430608.

Source : Equity Bulls

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