JK Cement Approves Mortgage plan against Company Assets to widen loan

Giant building Material company JK cement has recently announced that, they will increase the borrowing limit of the firm from Rs.7,500 crore to Rs.12,000 crore. The board of directors unanimously approved the other four resolutions, which includes the approval of creating charge / mortgage / hypothecation on the company's assets against availing loans or facilities up to Rs.12,000 crore.

The third resolution of the company is the approval of the postal ballot notice to seek members' approval for the appointment of Praveen Mahajan and Rakesh Sethi as non-executive independent directors of the company for five years. 

The fourth one is the appointment of SK Gupta and Divya Saxena, as practicing company secretary each, as the scrutiziser and alternate scrutiniser, respectively, to conduct the postal ballot and e-voting process. In the last one, they considered to appoint NSDL to provide the service of sending postal ballot notices and providing e-voting facility for the same. In a media interview the company said that, the company is planning to expecting to increase their volume growth between 8% to 10% for financial year 2025.

Business head of JK Cement, Anuj Khandelwal said, "We have new capacities coming up in Prayagraj, and the capacity commissioned in Ujjain will give us more volume leverage. So, overall we still believe that we'll be able to clock a healthy volume growth next year in spite of a relatively slow start to the market.” 
As per the latest stock market report, the shares of JK Cement were trading 0.47% lower at Rs.4,263 apiece. The stock has gained 46.41% in the past year.