Financial Daily from THE HINDU group of publications
Tuesday, Feb 21, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 21, 2006 |
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Corporate
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New Projects J.K. Cement may set up standalone grinding unit Our Bureau
Kolkata , Feb. 20 THE Kanpur-based J.K. Cement Ltd, belonging to Mr Yadhupati Singhania, may set up a standalone grinding unit somewhere around Haryana or Delhi, according to Mr Prashant Seth, General Manager (Finance). He was in the city along with other senior company officials as a part of the road show for J.K. Cement's forthcoming public issue, which would open on February 21 and close on February 26. Replying to a query he, however, added that there was no immediate plan of the company for setting up such a standalone grinding unit but it might certainly be considered in future. In the coming public issue, the company would be issuing two crore equity shares of Rs 10 face value through a 100 per cent book building route. The price band is Rs 145-155. J.K. Cement is hoping to raise approximately Rs 300 crore, some of which will be utilised for augmenting its grey cement capacity and the rest would be invested in co-generation power units. At present, the Singhanias are holding around 86 per cent in the company. Subsequent to the offer, the promoters' holding would come to down to around 60 per cent. J.K. Cement is one of the two white cement manufacturers in India, the other being Grasim Industries. The company was earlier a division of JK Synthetics Ltd. It has three factories, all located in Rajasthan. While its grey cement manufacturing capacity would be increased to 4 million tonnes per annum (mtpa) from 3.5 mtpa, the white cement's production capacity would be increased to 0.4 mtpa from 0.3 mtpa. Total cost of cement capacity expansion would be Rs 50 crore. The company would be spending more than Rs 200 crore for its power facilities, which would drastically reduce its per unit production cost.
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