JK Cement today announced that its shareholders have approved plan to raise up to Rs 500 crore through issuance of non-convertible debentures on private placement basis.
The special resolution was approved by the shareholders at the company's annual general meeting held on July 28.
The special resolution pertains to "issuance of private placed non-convertible debentures up to Rs 500 crores during 2018-19 under Section 42 and 71 of Companies Act 2013," the company informed the bourses.
In a BSE filing, the company said the proposal was approved by the shareholders as 99.945 per cent of votes were polled in favour.
The shareholders have also approved raising of funds through issue of equity shares.
J K Cement yesterday posted 37.8 per cent decline in standalone profit after tax to Rs 49.3 crore for the quarter ended June 30, on the back of lower revenues.
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