GK Energy has received markets regulator Securities and Exchange Board of India’s (SEBI's) clearance to raise funds through initial public offering (IPO). The company’s proposed IPO is a mix of fresh issue of shares worth Rs 500 crore and an OFS of Rs 84 lakh equity shares by selling shareholders.
The company plans to use proceeds from the fresh issue to the tune of Rs 422.46 crore to fund its long-term working capital requirements and the remaining funds for general corporate purposes. IIFL Capital Services and HDFC Bank are the book-running lead managers for the issue. The equity shares are proposed to be listed on the BSE and NSE.
GK Energy is a leading pure play provider of engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems.
