JK Cement Limited has informed the Exchange about Acquisition

JKCEMENT · price

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Price reaction · full curve 14 horizons · vs prior close

+2.3%1-day move

₹5425.00

prior close

₹5450.00

base price

After-mkt

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5m10m15m30m1D2D3D4D5D7D15D1M2M3M

+0.5+0.4+0.2-0.3+2.3+4.9+9.1+8.8+6.6+3.3+2.6-0.8-2.1-0.2

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AI summary

JK Cement Limited has acquired a 9.77% stake (21,00,000 shares) in Mehrauni Electro Power Private Limited (MEPL), a special purpose vehicle, for Rs. 2.1 crore in cash. MEPL is setting up a 40 MW AC solar power plant in Uttar Pradesh under a group captive model. JK Cement has a power purchase agreement with MEPL to source 7 MWp of solar power for its Prayagraj cement plant. MEPL is a newly incorporated entity (2023) with no turnover and negative net worth. The transaction is not a related party transaction and has been undertaken at arm's length.

Likely market impact

This is a strategic investment to secure captive renewable energy for JK Cement's manufacturing operations, supporting its sustainability goals. At ~10% stake for Rs. 2.1 crore, the financial impact on JK Cement is minimal, but it anchors a long-term power supply arrangement for its Prayagraj plant.