SKIL Infra files for Rs 1,125 crore IPO

Posted By: Religare
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SKIL Infra files for Rs 1,125 crore IPO
Operating in fields like shipping, education and defense, SKIL Infrastructure, promoted by Nikhil Gandhi has filed a draft red herring prospectus (DRHP) with Sebi for an IPO worth Rs 1,125 crore.

The company is also thinking about a pre-IPO placement nearing RS 225 crore.

Out of the fresh issue proceeds, Rs 800 crore would be used to pay existing debt and the inorganic growth strategy could be allotted Rs 150 crore. Also, the company is planning acquisitions in the fields it operates. The company could well see a valuation of Rs 12,000 crore after the fresh issue.

SKIL was backed by the private equity firm, PineBridge Investments, who possesses an 8.3% stake in the company. The PE firm converted the preference shares worth Rs 200 crore bought in 2008 to an equity stake. The returns as of today's valuation are 4.5 times the investments made by PineBridge in the company.

The PE firm has also made it clear that it is not offloading any stake in the public offer.

IFCI also holds a 2.74% stake in the company, arising out of the conversion of debentures worth Rs 200 crore.

Read more about: ipo, shipping, defence, capital market
Story first published: Friday, June 10, 2011, 8:30 [IST]
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