SKIL Infra files for $252m IPO

SKIL Infrastructure on Tuesday filed with regulators to raise up to Rs 11.25 billion (USD 251.8 million) in an initial public offering, a draft document showed.

The company, which controls ship-builder Pipavav Shipyard and has a 21% stake in Everon Education, is also considering raising up to Rs 2.25 billion in a pre-IPO placement with certain investors, it said in a draft prospectus. Edelweiss, JM Financial, Nomura, SBI Capital Markets and ICICI Securities are the lead bankers to the issue, the document showed. Proceeds from the offering will be used to retire its Rs 8 billion high-cost debt and to invest or acquire business ventures, the company said. As of March 31, SKIL Infra had total debt of Rs 13.51 billion, excluding vehicle loans. SKIL is primarily an infrastructure development company, with interests in shipyard, special economic zones, free zones, logistics, port, education and defence sectors. The company will set aside Rs 1.5 billion to acquire companies in the education, infrastructure and defence industries, and is currently exploring potential targets, according to the document. ($1=44.67 Rupees) (Reporting by Anurag Kotoky; Editing by Sunil Nair)