Promoters of CleanMax raise Rs 400 crore in pre-IPO round
renewable energy
company,
CleanMax
, have raised ₹400 crore from
360 One Asset Management
to increase shareholding in the company in a
pre-IPO funding
completed last month. Founder Kuldeep Jain will raise stake from 14% to 21%. The money raised at 13% interest for 3 years will be repaid from IPO proceeds, people familiar with matter said.
"The promoter is looking to fortify his stake before the imminent listing, the DHRP of which is likely to be filed later this year," said a person. "The increase in stake through private transactions will ensure promoter stake remains around 15% even after a likely offer for sale in the IPO." A CleanMax spokesperson did not respond to an email seeking comment. A 360 One spokesperson said he had no comments to offer to ET's email query.
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