JK Cement Acquires 60% Stake in Saifco Cements

has finalized the acquisition of a 60% stake in Jammu & Kashmir-based Saifco Cements for Rs 149.81 crore, making Saifco a subsidiary with immediate effect. The company announced in an exchange filing that the equity shares, constituting 60% of Saifco’s equity, have been transferred and credited to JK Cement’s demat account. Following the news, JK Cement’s share price rose 2.71%, closing at Rs 5,870 per share on Friday, June 6. The company’s market capitalization stands at Rs 45,356.46 crore, according to the NSE.