Raymond arm mulls ₹800-cr IPO

Raymond Ltd on Wednesday informed the stock exchanges that the board of JK Files & Engineering, its wholly-owned material subsidiary, has approved an initial public offering comprising an offer for sale for ₹800 crore. The IPO will not have any fresh issuance of shares and will be undertaken subject to requisite regulatory approvals and market conditions, it said. The shareholding of the company in JKFEL will reduce by such number of shares as may be tendered in the OFS, Raymond said. However, post-I PO, JKFEL will continue to remain a material subsidiary of the company.