Promoters Sunita Gupta, Mahesh Gupta, and Varun Gupta are offloading shares in the OFS. Overall, promoters hold 99.77 per cent stake in the company at present.
Since it is an OFS, the company will not receive any proceeds from the IPO.
In its draft papers, the company stated that the objects of the offer is to achieve the benefits of listing the equity shares on the stock exchanges.
The company manufactures and sells water purifiers, water softeners and kitchen and home appliances under its brand ‘Kent’ and brushless direct current (“BLDC”) fans under the brand ‘Kuhl’.
It operates four manufacturing facilities — one in Roorkee, Uttarakhand, and three in Noida, Uttar Pradesh. Kent is recognised as the pioneer in introducing reverse osmosis (RO) technology in the water purifier product category in India.
Motilal Oswal Investment Advisors and JM Financial are the book-running lead managers, while Kfin Technologies Ltd is the registrar for the issue.
Article by:Source:
