Comments
JK Cement today said that it will raise long-term funds of up to Rs 300 crore through debt instruments and institutional placement.
“Board of directors of the company at its meeting held on May 23, 2015 ...has decided to raise long-term 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 for an amount up to Rs 300 crore with a green shoe option....”, the firm said in a BSE filing.
This will be subject to shareholders’ approval, which will be sought at the firm’s annual general meeting on August 1, 2015, it added.
Generally, green shoe option is a special provision in a prospectus, which allows underwriters to sell investors more shares than originally planned by the issuer.
JK Cement has reported an 8.5 per cent drop in standalone net profit at Rs 69.84 crore for the quarter ended March 31, 2015 against a net profit of Rs 76.38 crore in the year-ago period.
Its standalone total income rose to Rs 916.05 crore in the fourth quarter of last fiscal against Rs 832.71 crore in the corresponding period.
Shares of the company were trading down by 0.91 per cent at Rs 599.35 on the BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.