New Delhi, 6 May (IANS). ‘GK Energy Limited’, a company specializing in the Solar-Purd Agriculture Water Pump System, is preparing to launch its IPO after the final approval from the Securities and Exchange Board of India (SEBI) last month.
However, before the public issue, the company’s financial figures suggest that the operating deficit and expenditure have increased in the first half of FY 2025.
According to the company’s draft Red Herring Prospects (DRHP), the total expenditure of GK Energy for six months ended September 30, 2024 increased by double to Rs 352.93 crore, which was Rs 168.17 crore in the same period last year.
However, the revenue of GK Energy increased to Rs 421.90 crore due to operation for six months ended September 30, 2024, which is about 140 percent more than Rs 175.98 crore in the same period last year.
The total income of the company also increased from Rs 176.43 crore to Rs 423.63 crore. The company said in its DRHP that the net profit increased from Rs 6.1 crore to Rs 51.08 crore.
New shares of up to Rs 500 crore will be issued in GK Energy IPOs and selling 84 lakh equity shares (OFS) will be offered by promoters Gopal Rajaram Kabra and Mehul Ajit Shah.
422.45 crore rupees will be used to meet long -term working capital needs in a new stock of Rs 500 crore, while the rest will be used for general corporate purposes.
The company also plans to reserve a part of the IPO for eligible employees.
IIFL Capital Services Limited and HDFC Bank Limited are the book-earning lead manager, while Link Inteime India is working as a registrar.
-IANS
SKT/ABM