GK Energy Raises Rs 100 Cr Pre-IPO

New Delhi, Sep 1 (PTI) Solar-powered agricultural water pump systems provider GK Energy Ltd had raised Rs 100 crore in a pre-IPO (initial public offering) funding round.

The funds have been raised from Valuequest, 360 One (formerly IIFL Wealth) and Kotak AIF, among others.

In its public notice last week, GK Energy said it has undertaken a private placement of 65.36 lakh equity shares for Rs 153 apiece, representing 3.70 per cent of the company's pre-offer equity share capital.


Under this, the company allotted shares worth Rs 35 crore to Valuequest India G.I.F.T. Fund, VQ FasterCap Fund II (Rs 30 crore), 360 One High Growth Companies Fund (Rs 15 crore), 360 One Equity Opportunities Fund - Series 4 (Rs 10 crore), Kotak Iconic Fund (Rs 5 crore) and Kotak Iconic Fund II (Rs 5 crore).

GK Energy's proposed IPO comprises a fresh issue of up to Rs 500 crore, and an offer for sale of up to 84 lakh equity shares by selling shareholders.

Proceeds from the fresh issue to the tune of Rs 422.46 crore will be used to fund its long-term working capital requirements, and the remaining funds for general corporate purposes.

GK Energy is a pure play provider of engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems.