JK Cement Board Approves Increase in Borrowing Limit to ₹12,000 Crore

On April 2, 2024, JK Cement stated in an exchange filing that the company’s board has approved increasing the borrowing limit of the firm from ₹7,500 crore to ₹12,000 crore.

Along with the increase in the borrowing limit, the board of directors of JK Cement Limited have unanimously also considered and approved four other resolutions. These include the creation of charge and/or mortgage and/or Hypothecation on the assets of the company against availing of loans or facilities up to ₹12,000 crore.

The third resolution is the consideration and approval of the postal ballot notice to seek members’ approval for the appointment of Praveen Mahajan and Rakesh Sethi as non-executive independent directors of the company for five years. This also seeks member’s approval for the increase in the borrowing limit and for the company to pledge its assets to secure financing of up to ₹12,000 crore from lenders.

The fourth resolution is the appointment of SK Gupta and Divya Saxena as practising company secretaries, each as the scrutinise and alternate scrutiniser, respectively, to conduct the postal ballot and e-voting process.

The last resolution is about considering the appointment of NSDL to provide a postal ballot notice service and an e-voting facility for the same.

In February, the management of JK Cement Limited said that they are anticipating volume growth of 8%-10% for the financial year 2025, backed by capacity additions.

The business head of JK Cement, Anuj Khandelwal, said, “We have new capacities coming up in Prayagraj, and the capacity commissioned in Ujjain will give us more volume leverage. So, overall we still believe that we’ll be able to clock a healthy volume growth next year in spite of a relatively slow start to the market.”

On April 2, 2024, the JK Cement share price opened at ₹4,359.90, touching the day’s high at ₹4,359.90, as of 3:30 PM on the NSE.

About JK Cement Limited

JK Cement Limited is involved in the manufacturing and selling of cement and cement-related products. The company has about more than 4 decades of experience in cement manufacturing.

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