SKIL Infrastructure plans Rs 1,500 cr IPO by October

MUMBAI: Nikhil Gandhi-promoted SKIL Infrastructure plans to raise around Rs 1,500 crore through an Initial Public Offering ( IPO) by October 2010, a top company official said.

The company is expected to file its Draft Red Herring Prospectus (DRHP) within the next two to three months, the official said.

"We are planning raise fresh funds through an IPO. The funds will be utilised partly to buy out co-promoter Punj Lloyd's stake from Pipavav Shipyard and to invest more in the shipyard," the SKIL official told PTI here.

SKIL would buy the 19.5 per cent stake from Punj Lloyd, increasing its stake up to 40 per cent in the shipyard.

Through the IPO, SKIL plans to dilute upto 10 per cent of its promoters stake from the current holding of 94 per cent in the company, he said.

The company will spend close to Rs 1,500 crore to raise its stake in Pipavav Shipyard, including paying Rs 676 crore in cash to Punj Lloyd, and the rest for an open offer at Rs 62 a share to minority shareholders, the official said.