JK Cement moves up on completing acquisition of 100% stake in Toshali Cements
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JK Cement is currently trading at Rs. 4275.00, up by 23.20 points or 0.55% from its previous closing of Rs. 4251.80 on the BSE.
The scrip opened at Rs. 4283.95 and has touched a high and low of Rs. 4291.25 and Rs. 4206.40 respectively. So far 2906 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 4565.35 on 08-Feb-2024 and a 52 week low of Rs. 2728.85 on 27-Feb-2023.
Last one week high and low of the scrip stood at Rs. 4292.95 and Rs. 4137.30 respectively. The current market cap of the company is Rs. 33032.18 crore.
The promoters holding in the company stood at 45.70%, while Institutions and Non-Institutions held 39.29% and 15.01% respectively.
JK Cement has completed the acquisition of 100% stake of Toshali Cements (TCPL / Toshali). Upon this acquisition, Toshali has become a wholly owned subsidiary of the Company with immediate effect. The acquisition will help the company to expand its footprint into the Eastern Region.
The investment of Rs 10.75 crore would be paid to the existing promoters of Toshali Cements for acquisition of 100% equity, Rs 70.85 crore to be invested in form of Compulsorily Convertible Debentures (CCDs) of Toshali to discharge the debt and dues of Promoters and Promoters group companies and Rs 8.40 crore to be infused to Toshali to payout the outstanding liabilities.
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.
