S.H. Kelkar and Company, partly owned by the Blackstone group, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering
that a banker directly involved in the process said would fetch around $100 million, a report stated.
The company is planning to raise Rs.200 crore ($31.9 million) via the sale of new shares, as well as an undisclosed amount via the sale of existing shares from stakeholders, says report.
Report said that the money would be used for repayment of loans and general corporate purposes.