GK Energy files draft IPO papers with Sebi, aims to raise Rs 500 cr

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GK Energy files draft IPO papers with Sebi, aims to raise Rs 500 cr - Business Standard

Quick Summary:

According to the draft papers filed on Friday, proceeds from the fresh issue to the tune of Rs 422.46 crore will be used to fund its long-term working capital requirements and the remaining funds for general corporate purposes.

Solar-powered agricultural water pump systems provider GK Energy Ltd has filed preliminary papers with markets regulator Sebi to garner funds through an initial public offering (IPO).

The proposed IPO of the Pune-based firm is a combination of fresh issue of shares worth Rs 500 crore and an Offer-for-Sale (OFS) of 84 lakh equity shares by selling shareholders, the draft red herring prospectus (DRHP) showed.