GK Energy files DRHP for Rs 5 billion IPO to raise funds

GK Energy Limited has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO).

The IPO consists of a fresh issue of shares worth up to Rs 5 billion, along with an offer for sale of up to 8.4 million equity shares by existing shareholders. The shares will have a face value of Rs 2, and the offer includes reservations for eligible employees. The proceeds from the fresh issue, amounting to Rs 4.22 billion, will be used to meet the company’s long-term working capital requirements and general corporate purposes.