Fund Raising Plans: Skil Infra, Shree Percolated Steels, Cobra Beer
Steel company Shree Precoated Steels Ltd is planning to sell 10-15 per cent stake to a private equity fund to raise about Rs 700 crore (market cap is Rs 2,317 crore, though), reports Mint. The company is believed to be in talks with funds like ICICI Venture.
SPSL’s promoters currently own 62 per cent opf the company, while foreign institutional investors own 12 per cent, Citigroup Global Markets Mauritius 1.18 per cent, Merrill Lynch Capital Markets Espana SA 1.9 per cent, and Passport Capital Llc. 4.9 per cent. The company has a market capitalisation of around Rs 2,317 crore on the Bombay Stock Exchange.
Steel companies like Bhushan Steel have raised capital from Baring Asia.
Skil Infrastructure, the infra company that promotes Pipavav Shipyard, among others, plans to raise $1 billion in this financial year for its projects like special economic zones, ports, shipyard, railways and tourism. Ernst & Young has been appointed as consultant with the mandate of raising $250 million of the $1 billion, the report added. “We have identified a foreign financial investor for the $250 million. We should close the deal soon,” the report quoted Rajesh Samson of E&Y as saying.
The company has already identified a foreign financial investor for the $250 million, and is close to inking the deal. Skil Infrastructure has interest in four major projects: two special economic zones near Mumbai, Pipavav Shipyard, Port of Pipavav and a railways project.
UK-headquartered Cobra Beer is raising $50 million to fund its expansion plans in the UK and India. The company - founded by Karan Billimoria - is said to be exploring private equity option route too. British investment bank Rothschild has been appointed as advisor. Another report said that the company has plans to increase its capacity to 20 million cases per annum by 2012. This will be met mainly by acquiring - possibly three more breweries - in the current year. The company has earmarked around $100 million for its expansion plans in India and a major portion of this would be spent on acquisitions. Presently, the company has nine breweries in India with the capacity of about five million cases per annum.
