J K Cement plans to raise up to ₹1,000 crore

NEW DELHI: J K Cement on Friday said it would raise up to ₹1,000 crore from the market for funding its long term growth, repayment of debt and general corporate purposes. The board of the company in a meeting “decided to offer, issue and allot equity shares and/or GDRs and/or ADRs...for an amount not exceeding ₹1,000 crore,” J K Cement informed the BSE. The fund would be “utilised for the purpose of funding company’s long term growth, repayment/prepayment of debt, general corporate purposes including capital expenditure and working capital”, it added. J K Cement will raise funds through various sources, including institutions, FIIs, QIBs, banks, mutual funds, incorporated bodies, insurance companies and pension funds, it added.