J.K. Cement Limited (BSE:532644) agreed to acquire Toshali Cements Pvt. Ltd. for INR 1.6 billion on June 5, 2023. Transaction has already been approved by J.K. Cement Limited's board of directors. transaction is subject to necessary statutory and regulatory approvals. As of February 21, 2024, the parties agreed to modify the terms of the
transaction. As per the modified terms, the payment shall be made in the following manner: The total cost of INR 900 million will be used to acquire equity and making over payment towards discharge of unsecured/ secured loans of promoter group, balance INR 670 million will be paid afterwards consequent upon the Mining Lease being transferred to JK Cement. The transfer of the Mining Lease is subject to necessary statutory and regulatory approvals, which is likely to be completed within 18 months hereof. Deepak Jodhani, of Khaitan & Co acted as legal advisor to Toshali Cements Pvt. Ltd. Samir Sheth of BDO India LLP acted as financial advisor to J.K. Cement Limited (BSE:532644).

J.K. Cement Limited (BSE:532644) completed the acquisition of Toshali Cements Pvt. Ltd. for INR 900 million on February 21, 2024.