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John Energy, backed by Rakesh Jhunjhunwala, has filed draft papers with Sebi, to raise approx Rs.350 crore via an initial public offering (IPO).
The draft red herring prospectus (DRHP) filed with Sebi stated that, the IPO consists of fresh issue of shares worth Rs.218 crore and an offer for sale of up to 16,77,744 scrips by the existing shareholders, including IL&FS Financial Services and India Rig Company.
The proceeds from the issue will be used towards repayment of certain borrowing, which was used by the company and for other general corporate purposes. Further, IDFC and Keynote Corporate Service will manage the company’s public issue.
