Aegis Logistics raises $15m from Infra India Holdings

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Aegis Logistics raises $15m from Infra India Holdings

Mumbai based Aegis Logistics has raised USD 15.11 milion from Kaup Capital's Infrastructure India Holdings Fund LLC. Aegis Logistics Ltd. allotted 2.12 million shares to the company at a price of Rs 322 each on preferential basis, the company said in its filing to the stock exchange.

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Mumbai  based Aegis Logistics has raised USD 15.11 milion from Kaup Capital's Infrastructure India Holdings Fund LLC, reports VCCircle. Aegis Logistics Ltd. allotted 2.12 million shares to the company at a price of  Rs 322 each on preferential basis, the company said in its filing to the stock exchange.

The Mauritius based entity has offered a premium of Rs 35 per share from the stock's closing price at Rs 287.

Aegis had called for an an extra-ordinary general meeting (EGM) on March 23 for shareholders approval for selling a 6.35% stake to Kaup Capital's Infrastructure India Holdings Fund LLC.

The fresh funding will be deployed into its port terminal infrastructure projects, which Aegis plans to develop around the coastline of India, according to a statement.

Aegis Logistics entered into an agreement in November last year with Port Pipavav to build a six lakh kilolitre (kl) oil terminal at a cost of Rs 430 crore. It also said that it plans to invest Rs 2,000 crore in the next 5-7 years in port infrastructure including the Pipavav project.

Aegis currently operates two terminals in Mumbai with a capacity of 2.50 lakh kl and one in Kochi with capacity of 55,000 kl. Aegis acquired Shell Gas (LPG) India last year. Shell has a gas infrastructure facility at Pipavav Port and an LPG filling plant in Gujarat.

Aegis reported revenues of Rs 1,118.14 crore for the first nine months of FY11 as compared to revenues of Rs 224.1 crore for the same period in FY10. But the net profit for the period remained nearly the same for FY11 at Rs 30.25 crore as compared to Rs 31.62 crore in FY10.

Kaup Capital has previously invested in Hathway Cable & Datacom Ltd., one of India's largest cable-television operator that went public in February 2010.

The logistics space has seen a lot of interest from investors. Some recent transactions include India Equity Partners' USD 10-million investment in Swastik Roadlines; Ashmore Alchemy Investment Advisors's USD 10 million investment in Siesta Logistics Corp Ltd; and, Mayfield Fund's and SIDBI Venture Capital Ltd's USD 11 million infusion in Fourcee Infrastructure Equipment Pvt Ltd.

By: Madhav Chanchani