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.

Tags

Banking Gas Oil Energy Tax Oil and Gas India

Related News

  • Is it curtains for hydel generation in TS this year?  Read more
  • Delhi may see 445 mw of power supply shortage  Read more
  • R&D conclave calls for an Energy Revolution  Read more
  • Thermal Powertech connects 660 MW unit to grid  Read more
  • Temasek-backed Sembcorp set to pump in $600 million in India power arm  Read more
  • VNIT develops energy minimizing controller, transfers tech to BARC  Read more
  • Oil supplies partly affected in Assam's crisis-hit areas  Read more
  • Tamil Nadu to stop using imported coal for power generation, save Rs 400 crore  Read more
  • Vestas gets 46 MW turbine order for wind project in India  Read more
  • BHEL eyes biz opportunities in Mozambique, Laos  Read more