JK Cement has seen its shares rise after agreeing in principle a share purchase agreement for Toshali Cements for INR1570m (US$19m).
The Board of Directors in its meeting has accorded in-principle approval to sign/execute a share purchase agreement with the shareholders and also with Toshali Cements Pvt Ltd (Toshali) for the acquisition of 100 per cnet equity shareholding from all the existing shareholders of Toshali," the company said in an exchange filing.
Toshali Cement at present has two cement units. The Orissa integrated plant is located in Ampavalli has a clinker capacity of 0.33Mta and a cement capacity of 0.198Mta, while the Bayyavaram grinding plant in Andhra Pradesh has a cement capacity of 0.435Mta.
