JK Cement shares rose 2.24% to Rs 5,063.90 after the company announced its board will consider raising up to Rs 5 billion (approx. $60 million) via private placement of non-convertible debentures (NCDs).

The fundraising proposal will be taken up at the board meeting scheduled for 24 May 2025, and will be subject to shareholder approval at the company's 31st annual general meeting (AGM).

The official announcement was made after market hours on 11 April 2025.

The proposed Rs 5 billion issuance of NCDs could be executed in one or more tranches over a 12-month period from the date of the AGM, the company said in a regulatory filing.

At the same board meeting, JK Cement will also review and approve its audited standalone and consolidated financial results for the quarter and year ended 31 March 2025, which are to be submitted to stock exchanges.

In addition, the board is expected to consider recommending a final dividend on equity shares for FY 2024-25, subject to shareholder approval.

JK Cement, a key player in the cement manufacturing sector, reported a 33.2% drop in consolidated net profit to Rs 1.90 billion in Q3 FY25, compared to Rs 2.84 billion in Q3 FY24. Revenue from operations also dipped slightly by 0.2% to Rs 29.30 billion during the same period.

The upcoming board decisions are seen as critical steps toward financial consolidation and future growth amid a challenging earnings environment.