JK Cement to fundraise Rs 500 cr via NCDs on private placement

JK Cement Limited plans to fundraise around Rs 500 crore through non-convertible debentures (NCDs) based on private placement in one or more tranches.

The board has recommended the proposal for approval of shareholders in the next annual general meeting (AGM) of the company.

The company said that the fundraising would have an interest rate determined by the prevailing money market conditions during the time of borrowing.

The board has forwarded the request from some individuals or companies belonging to persons concerned with Promoters Group seeking reclassification of their stakes in JK Cement to the Public Category.

During the March-end quarter of 2022, JK Cement, the promoter and promoter group, held a 45.82% stake in the company.

The company had reported a 6.93% decline in its consolidated net profit at Rs 199.44 crore for the fourth quarter.

The company had reported a net profit of Rs 214.31 crore during the same period last year.

Its revenue from operations was Rs 2,351.16 crore during the quarter under review, against Rs 2,134.14 crore, during the same period last year.

The fiscal year ended on 31 March 2022, and revenue from operations was Rs 7,990.81 crore, against Rs 6,606.10 crore last year.

The company's board has recommended a dividend of 150%, which is Rs 15 per equity share of Rs 10 per share for 2021-22.

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