The Company’s board approves to go for IPO of JK Files & Engineering Limited (JKFE).
Key points to note –
- JKFE is into steel files and tools business.
- The proposed IPO is of Rs 800 crore and is entirely offer for sale. No fresh money is expected to come into the Company.
- Raymond currently owns 100% of JKFE and post IPO is expected to continue hold a material stake.
The decision is in line with the recent announcement by Raymond to reorganize the group.