Renfra Energy India Limited has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to Rs 4.30 billion through an initial public offering (IPO). The IPO includes a fresh issue of equity shares aggregating up to Rs 4.30 billion and an offer for sale of up to 4,794,800 equity shares by existing shareholders. The equity shares have a face value of Rs 10 each. The equity shares are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.
The offer for sale includes equity shares being offered by existing shareholders, comprising upto 1,260,900 shares by Arumuga Raja, upto 434,310 shares by Mangal Keshav Capital Limited, upto 400,000 shares by Deep Ashokbhai Sanghvi, upto 280,200 shares each by Ami Niraj Shah, Anant Wealth Consultants Private Limited, Cork Products Private Limited and Saumik Ketankumar Doshi, upto 210,000 shares by Krupa Prashant Mehta, and upto 140,100 shares each by Dhrumal Pradip Shah and Trevadiya Kumar Chandrakant.
Furthermore, the company proposes to utilise Rs 1.6 billion from the net proceeds towards repayment of its redeemable non-convertible debentures, Rs 1,75 billion towards funding its working capital requirements, and the remaining amount for general corporate purposes.
