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JK Cement to raise up to Rs 300 crore

JK Cement reported an 8.5 per cent drop in standalone net profit at Rs 69.84 crore for the quarter ended March 31, 2015 against a net profit of Rs 76.38 crore in the year-ago period.

twitter-logo PTI   New Delhi     Last Updated: May 26, 2015  | 14:54 IST
JK Cement to raise up to Rs 300 crore

JK Cement on Tuesday said it will raise long-term funds of up to Rs 300 crore through debt instruments and institutional placement.

"Board of Directors of the company at its meeting held on May 23 has decided to raise long term funds by way of issue of Securities and/or Non Convertible Debentures with warrants on Preferential Allotment basis, Qualified Institutional Placement (QIP) basis or such other form as may be permissible under law for an amount up to Rs 300 crore with a green shoe option," the firm said in a BSE filing.

This will be subject to shareholder's approval, which will be sought at the firm's Annual General Meeting on August 1, 2015, it added.

Generally, green shoe option is a special provision in a prospectus, which allows underwriters to sell investors more shares than originally planned by the issuer.

JK Cement reported an 8.5 per cent drop in standalone net profit at Rs 69.84 crore for the quarter ended March 31, 2015 against a net profit of Rs 76.38 crore in the year-ago period.

Its standalone total income rose to Rs 916.05 crore in the fourth quarter of last fiscal, over Rs 832.71 crore in corresponding period.

Shares of the company were trading up by 0.41 per cent at Rs 607.35 apiece at the BSE at 1305 hrs.

 

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