JK Lakshmi Cement has said that it plans to raise up to Rs 500 crore through private placement for which it will seek shareholders’ approval.
"The board shall consider issue of non-convertible debentures (NCDs) of up to Rs 500 crore, in one or more tranches, on private placement basis, subject to requisite approval of the shareholders," the firm said in a regulatory filing.
The company’s board will meet on October 26 to consider the proposal, it added. The firm, part of the $4 billion JK Group, operates integrated cement facilities at Sirohi (Rajasthan), Durg (Chhattisgarh), Kalol and Surat (Gujarat) and Jharli (Haryana).
At present, it produces 8.4 million tonnes annually and its capacity is scheduled to go up to 12 million tonnes per annum shortly.