GK Energy Limited has filed its draft red herring prospectus (DRHP) with Securities and Exchange Board of India to raise funds through an initial public offering (IPO).
The IPO includes a fresh issue of shares worth up to Rs 5 billion and an offer for sale of up to 84,00,000 equity shares by existing shareholders. The shares will have a face value of Rs 2, and the offer includes reservations for eligible employees to subscribe. The proceeds from the fresh issue to the extent of Rs 4.22 billion will be used to fund its long-term working capital requirements and general corporate purposes.