The Board of Directors of JK Files & Engineering Limited ('JKFEL'), a wholly-owned material subsidiary of Raymond Limited ('the Company'), at its meeting held on November 30, 2021, approved an Initial Public Offer ('IPO') comprising of an Offer for Sale ("OFS") for Rs. 800 Crore subject to such variation as permitted under applicable law. The IPO shall not have any fresh issuance of shares and will be undertaken subject to requisite regulatory approvals and market conditions.
In this regard, the Board of Directors of the Company, at its meeting held today i.e. December 01, 2021, approved the OFS for Rs. 800 Crore subject to such variation as permitted under applicable law in the IPO through book building process which will help deleverage Raymond Limited.
The shareholding of the Company in JKFEL shall stand reduced by such number of shares as may be tendered for sale in the OFS. However, post-IPO, JKFEL shall continue to remain a material subsidiary of the Company.
Shares of Raymond Limited was last trading in BSE at Rs. 637.40 as compared to the previous close of Rs. 640.10. The total number of shares traded during the day was 35542 in over 2314 trades.
The stock hit an intraday high of Rs. 668.15 and intraday low of 631.05. The net turnover during the day was Rs. 23030068.00.