JK Cement has received approval to raise up to Rs 10 billion by issuing securities like equity shares, GDRs, ADRs etc.

The fund sought to be raised is proposed to be utilized for the purpose of funding the company's long term growth, repayment/prepayment of debt, general corporate purposes including capital expenditure and working capital or any other purposes as may be permissible under applicable law and approved by the board.

The board of directors of the company at its meeting held on June 23, 2017 has approved for the same.

Shares of the company declined Rs 17.3, or 1.76%, to settle at Rs 965.95. The total volume of shares traded was 1,473 at the BSE (Friday).