John Energy has received SEBI’s nod to raise an estimated Rs 3.5 billion through an IPO. The IPO comprises a fresh issue of shares worth Rs 2.18 billion and an offer for sale of up to 1.68 million scrips by existing shareholders, including IL&FS Financial Services and the India Rig Company. Proceeds of the issue will be used for repayment of certain borrowings by the company and for other general corporate purposes. IDFC Bank and Keynote Corporate Services will manage the company’s public issue.
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