Promoters have sold 2.38 percent stake in GK Energy, the EPC services provider for solar-powered pump systems, ahead of its initial public offering. This was the second transaction by the company including the previous one was pre-IPO placement in August.
Gopal Rajaram Kabra, and Mehul Ajit Shah, promoters of the company, have transferred 42 lakh shares to several investors on September 11 at Rs 153 per share, raising Rs 64.26 crore. This is equivalent to 2.38 percent of paid-up equity.
After the transfer of above shares, the shareholding of both promoters in the company reduced to 89.71 percent, and 3.57 percent, respectively.
Kotak Iconic Fund, and VQ Fastercap Fund, which are already shareholders in the company after investment through pre-IPO placement, bought additional 6.5 lakh shares each. Akshat Greentech, and Nuvama Crossover Opportunities Fund also picked 6.5 lakh shares each, while Pivotal Enterprises was the largest buyer amongst them, acquiring 6.6 lakh shares.
AJD Family Trust, Rajasthan Global Securities, Deepak Kabra, Akhil Modi HUF, Shilpi Jain, Gunina Realholdings, and Vishwajeet Bharat Kadam are other investors in the secondary sale conducted by the company through promoters.
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Pune-based GK Energy has filed draft papers on December 13 last year for its IPO, which later approved by the SEBI on April 3 this year. The initial public offering (IPO) consists of fresh issuance of shares worth Rs 500 crore, and an offer-for-sale of 84 lakh shares by promoters.
In August, the company has mobilised Rs 100 crore from three institutional investors - Valuequest India, 360 ONE, and Kotak Group - in a pre-IPO round at a valuation of Rs 3,100 crore. It has issued 65.35 lakh shares to these investors at Rs 153 per share.
GK Energy that competes with listed peer Shakti Pumps intends to spend Rs 422.5 crore of fresh issue proceeds for the long term working capital requirements, and the remainder funds for general corporate purposes.
The GK Energy IPO will be managed by merchant bankers - IIFL Capital Services, and HDFC Bank.
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