Coal News We love to talk!

FEB 19 2018

Rakesh Jhunjhunwala-backed John Energy files Rs 350 crore IPO papers

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 19th FEB 2018


John Energy, backed by ace investor Rakesh Jhunjhunwala, has filed draft papers with markets regulator Sebi to raise an estimated Rs 350 crore through an initial public offering.

The IPO comprises fresh issuance 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 draft red herring prospectus (DRHP) filed with Sebi showed. Proceeds of the issue will be utilised towards repayment of certain borrowing availed by the company and for other general corporate purposes.

According to the merchant banking sources, the initial public offer (IPO) is expected to fetch about Rs 350 crore. Established in 1987, John Energy is a leading Indian company catering to the upstream and mid stream oil and gas industry.

Jhunjhunwala has 18.21 per cent stake in the company, while ICICI Bank owns 4.47 per cent holding in the firm. IDFC and Keynote Corporate Service will manage the company's public issue. The equity shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

In 2016-17, John Energy reported a consolidated revenue of Rs 582 crore, compared to Rs 565 crore the previous year. Besides, the firm posted a profit after tax of over Rs 71 crore in 2016-17 against Rs 29 crore in the preceding fiscal.


Banking Gas Oil Energy Tax Oil and Gas India

Related News

  • Oil Cos Skid on Political Road  Read more
  • India state refiners import diesel as private processors cut discounts  Read more
  • MERC approves capital cost and final tariff for VIPLs 600 MW TPP for 2014-15 and 2015-2016  Read more
  • Power utilities hint at tariff hike  Read more
  • ONGC Videsh might soon buy stake in 2 Siberian oilfields  Read more
  • RE-Invest 2015 principal sponsors NTPC, Coal India far behind solar-power targets  Read more
  • AAI in talks with oil companies like HPCl, BPCl to set up single entity for supplying fuel  Read more
  • Government considers staggered LPG and kerosene price hike  Read more
  • Delhi power regulator penalises BSES Rajdhani for violation of rules  Read more
  • Centre planning to make revisions in petrochem industrial region policy  Read more