John Energy which is backed by Rakesh Jhunjhunwala, has received Sebi’s approval to raise approx Rs.350 crore via an initial public offer (IPO).

In February, the company had filed draft papers with Sebi and it received its observations on August 27. Its issue comprises fresh issuance of shares worth Rs.218 crore and an offer for sale of up to 16,77,744 scrips by the existing shareholders, including IL&FS Financial Services and India Rig Company.

Furthermore, Jhunjhunwala has 18.21% stake in the company, while ICICI Bank owns 4.47% holding in the firm. IDFC and Keynote Corporate Services will manage the company’s public issue.

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