JK Cement Ltd on Monday launched a qualified institutional placement offering (QIP) to raise funds from institutional investors for its capital expenditure.

The company is seeking to raise INR6bn (USD85.39m) to fund the expansion of grinding capacity at its Mangrol and Nimbahera plants by 1Mta each, according to the Hindustan Times.

The company will also increase the existing clinker capacity at Mangrol by 2.48Mta, with surplus clinker to serve two new split grinding units to be constructed at Aligarh and Balsinor, in addition to the existing Nimbahera plant, which will undergo a capacity expansion.