Construction Industry News
JK Cement Limited plans to raise approximately Rs 500 crore through non-convertible bonds (NCDs) on a private placement basis in one or more tranches.
The board recommended the proposal for shareholder approval at the company's next annual general meeting (AGM).
The company said the fundraiser would have an interest rate determined by prevailing money market conditions while borrowing.
The board has forwarded the request of some individuals or companies belonging to individuals involved in the Promoters Group who wish to reclassify their stake in JK Cement to the Public category.
At the end of March of 2022, JK Cement, the promoter and promoter group, held a 45.82% stake in the company.
The company reported a 6.93% drop in its consolidated net profit at Rs 199.44 crore for the fourth quarter.
The company reported net profit of Rs 214.31 crore in the same period last year.
Operating income was Rs 2,351.16 crore during the quarter under review, as against Rs 2,134.14 crore in the same period last year.
The fiscal year ended on March 31, 2022 and the operating income was Rs 7,990.81 crore, compared to Rs 6,606.10 crore last year.
The board of directors of the company has recommended a dividend of 150% which is Rs 15 per share of Rs 10 per share for 2021-22.
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