JK Lakshmi Cement gets shareholders' nod to raise upto Rs500cr

JK Lakshmi Cement has received shareholders' approval to raise up to Rs 500 crore by issuing non-convertible debentures on private placement basis.
Shareholders approved the special resolution through postal ballot, the company said in a statement.
The company had earlier said that its board has approved raising Rs 500 crore through issuance of non-convertible debentures on private placement basis.
The board at its meeting held in October had approved "issue of Non-Convertible Debentures (NCDs) of up to Rs 500 crore, in one or more tranches from time to time, on private placement basis".
JK Lakshmi Cement is a part of the four-billion-dollar Indian conglomerate JK Organisation. The company operates cement facilities at Sirohi (Rajashthan), Durg (Chhatisgarh), Kalol and Surat in Gujarat and Jharli (Haryana). It currently produces 8.4 million tonnes annually and its capacity is scheduled to go up to 12 million tonnes.