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.
