JK Cement to raise Rs 200 cr via QIP
To fund its long-term growth plan, including capital expenditure, JK Cement is planning to raise up to Rs 200 crore from institutional investors. In order to meet the fund requirement for funding its long-term growth and general corporate purposes including for capital expenditure and working capital JK Cement is proposing to make a qualified institutional placement (QIP) of up to Rs 200 crore by way of issuing equity share, the JK Cement company said in a recent notice to its shareholders.
With 7.5 million tonne per annum (mtpa) capacity, JK Cement has convened a meeting of shareholders on February 9. As on September-end, promoter holding in the company stood at 66.57 per cent. The company has four manufacturing units - three in Rajasthan and one in Karnataka - with a total capacity of 7.5 mtpa.
The Kanpur-based company is gearing up to make its first international foray with the setting up of a greenfield dual process white cement-cum-grey cement plant in the free trade zone (FTZ) at Fujairah, UAE to cater to the GCC and African markets.