JK Cement spurts on getting in principle approval to acquire 100% stake in Toshali Cements
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JK Cement is currently trading at Rs. 3270.00, up by 65.35 points or 2.04% from its previous closing of Rs. 3204.65 on the BSE.
The scrip opened at Rs. 3214.00 and has touched a high and low of Rs. 3327.40 and Rs. 3214.00 respectively. So far 8042 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3,327.40 on 06-June-2023 and a 52 week low of Rs. 2005.00 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 3327.40 and Rs. 3150.00 respectively. The current market cap of the company is Rs. 25436.71 crore.
The promoters holding in the company stood at 45.83%, while Institutions and Non-Institutions held 38.02% and 16.16% respectively.
JK Cement has received in principle approval to sign/execute a share purchase agreement with the shareholders and also with Toshali Cements (Toshali) for acquisition of 100% Equity Shareholding from all the existing shareholders of Toshali.
The Share Purchase Agreement would become effective subject to fulfilling/achieving Conditions Precedents (CPs) as per the said Share Purchase Agreement. The Board of Directors of the Company has empowered the Committee of Directors to do the needful once the conditions precedent are achieved. Upon making of such investment, Toshali will become a subsidiary of the Company. The acquisition will help the company expand its footprint into the Eastern Region.
JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.
