JK Cement Ltd plans to raise up to Rs 500 crore via non-convertible debentures (NCDs) on a private placement basis in one or more tranches.
The company's board has recommended the proposal in this regard for approval of shareholders in the next annual general meeting (AGM) of the company.
The fund raising will be at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing, said JK Cement in a regulatory filing.
Besides, the board has forwarded the request from certain individual/company belonging to persons acting in concert with Promoters Group seeking reclassification of their shareholding in JK Cement to Public Category.
For the quarter ended March 31, 2022, JK Cement, the promoter & promoter group, held 45.82 per cent stake in the company.
The company had on Saturday reported 6.93 per cent fall in consolidated net profit at Rs 199.44 crore for the fourth quarter ended March 31, 2022.
The company had posted a net profit of Rs 214.31 crore for the year-ago period, as per the filing.
Revenue from operations was at Rs 2,351.16 crore during the quarter under review as against Rs 2,134.14 crore in the corresponding period of the previous fiscal year.
For the fiscal year ended March 2022, revenue from operations was Rs 7,990.81 crore as against Rs 6,606.10 crore in the previous year.
Its board has also recommended a dividend of 150 per cent, which is Rs 15 per equity share of Rs 10 each for 2021-22.