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Heating equipment maker JNK India files draft papers with Sebi to float IPO
Heating equipment maker JNK India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an Offer for Sale (OFS) of up to 84.21 lakh equity shares by promoters and an existing shareholder, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.
Those offloading shares in the OFS are of promoters -- Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co. Ltd. and Mascot Capital and Marketing Pvt Ltd. -- and shareholder Milind Joshi.
The Mumbai-based company may consider an issue of equity shares aggregating up to Rs 60 crore in the pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
Going by the draft papers, proceeds from the fresh issue to the tune of Rs 276 crore will be used for funding working capital requirements and a portion will also be used for general corporate ...