GK Energy Secures Rs 100 Crore Pre-IPO Boost for Solar Innovations
Solar-powered agricultural water pump systems provider GK Energy Ltd raised Rs 100 crore in a pre-IPO funding from investors like Valuequest and Kotak AIF. The secured funds will enhance long-term working capital and support corporate growth as part of their Rs 500 crore IPO plan.
- Country:
- India
GK Energy Ltd, a leader in solar-powered agricultural water pump systems, has successfully raised Rs 100 crore in a pre-IPO funding round. The investment was secured from prominent financial entities such as Valuequest, 360 One, and Kotak AIF.
According to a public notice issued last week, GK Energy executed a private placement of 65.36 lakh equity shares at Rs 153 each, which represents 3.70% of the company's pre-IPO equity share capital. This strategic move saw major allocations, including Rs 35 crore to Valuequest India G.I.F.T. Fund and substantial amounts to funds under 360 One and Kotak.
The upcoming IPO aims to raise Rs 500 crore through a fresh issue and an offer for sale. The company plans to utilize proceeds amounting to Rs 422.46 crore to strengthen long-term working capital, with remaining funds earmarked for general corporate purposes.
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