JK Cement shines on plan to raise long term funds amounting up to Rs 300 crore

JK Cement is currently trading at Rs. 381.50, up by 5.85 points or 1.56% from its previous closing of Rs. 375.65 on the BSE. The scrip opened at Rs. 375.00 and has touched a high and low of Rs. 383.25 and Rs. 375.00 respectively. So far 2,306 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 383.25 on 11-Jun-2014 and a 52 week low of Rs. 148.15 on 05-Aug-2013. Last one week high and low of the scrip stood at Rs. 383.25 and Rs. 351.00 respectively. The current market cap of the company is Rs. 2,667.00 crore. The promoters holding in the company stood at 66.93% while Institutions and Non-Institutions held 21.93% and 11.14% respectively. JK Cement has received an approval to raise long term funds for an amount of up to Rs 300 crore. The board of directors at its meeting held on June 10, 2014 has approved for the same. The company will raise 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 with a green shoe option subject to shareholders approval. JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.