Kanohar Electricals has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The proposed IPO combines a fresh issue of shares valued at Rs 300 crore with an OFS of 1.45 crore shares by promoter K Sons Family Trust.
The company plans to use the fresh issue proceeds for business growth and working capital requirements. This includes purchasing new machinery and equipment for its Gangol manufacturing facility, civil and interior work for an office building, backward integration and automation, and sustainability initiatives like installing solar power plants and purchasing electric vehicles for clean material movement around the factory.
The company is one of the leading domestic players in transformer manufacturing. It operates its business in two segments, i.e., Transformer Manufacturing Business; and EPC Business.
