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JK Cement zooms on planning to raise Rs 500 crore via NCDs

JK Cement is currently trading at Rs. 893.00, up by 46.70 points or 5.52% from its previous closing of Rs. 846.30 on the BSE.

The scrip opened at Rs. 887.00 and has touched a high and low of Rs. 919.00 and Rs. 870.00 respectively. So far 3664 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 972.00 on 18-May-2018 and a 52 week low of Rs. 650.00 on 29-Oct-2018.

Last one week high and low of the scrip stood at Rs. 919.00 and Rs. 826.00 respectively. The current market cap of the company is Rs. 6911.65 crore.

The promoters holding in the company stood at 58.07%, while Institutions and Non-Institutions held 34.75% and 7.18% respectively.

JK Cement has decided to raise fund by issue of secured/redeemable Non-Convertible Debentures (NCDs) in one of more series/tranches on private placement basis for an amount upto Rs 500 crore at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing. The Board of Directors of the Company at its meeting held on May 18, 2019 has decided the same.

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.

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