SKIL files draft prospectus with SEBI for IPO

The proceeds of the issue would be utilised to retire its debt and to fun expansion plans

SKIL Infrastructure has filed the draft red herring prospectus (DRHP) with market regulator SEBI for its initial public offer through which it plans to raise Rs1,125 crore.

The proceeds of the issue would be utilised to retire its debt and to fun expansion plans, said SKIL in the draft prospectus.

The Nikhil Gandhi-run infrastructure firm, which has pledged its 38.47% stake in Pipavav Shipyard to secure debt, plans to use Rs800 crore of the IPO proceeds to pay its loan obligations.

As of 31 December 2010, the company has a total outstanding debt of Rs1,490 crore. The company is planning to raise about Rs225 crore from private placement prior to its initial share sale.

SKIL holds 45% stake in Pipavav Shipyard, besides equity interest in various power, SEZ and port projects.

ICICI Securities Ltd, JM Financial, Nomura Holdings Inc, SMC Capitals, IDBI Capital Market Services Ltd and Edelweiss Capital are advising the infrastructure firm on the issue.

The company is engaged in the development of Infrastructure projects, which include the Pipavav Shipyard, Pipavav Railways, Pipavav Expressway and Mumbai SEZ.

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Religare Mutual Fund floats 368 days fixed maturity plan

Religare Mutual Fund new issue closes on 9th June

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series VIII-Plan A to F-Plan A (368 Days), a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the Scheme.

The new issue closes on 9th June. The minimum investment amount is Rs5,000.

CRISIL Short-Term Bond Fund Index is the benchmark index. Nitish Sikand is the fund manger for the Scheme.

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Reliance Mutual Fund launches Fixed Horizon Fund-XX-Series 19

Reliance Mutual Fund new issue closes on 9th June

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 19, a close-ended income scheme. The tenor of the scheme is 367 days.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility.

The new issue closes on 9th June. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.

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