SKIL Ports & Logistics Limited (SPL) is a new holding company established to develop, own and operate port and logistics facilities in India.
SPL’s initial project will be the creation of a modern and efficient port and logistics facility at Karanja Creek, near Navi Mumbai on the west coast of India. The facility will use barge transport to service ships to operate as a complement to the Mumbai ports, in line with the Government’s policy to relieve pressure on existing ports.
On behalf of SPL, Cenkos Securities plc placed 30,400,000 new Ordinary Shares at 250p each, raising £76 million. The net proceeds will be used towards funding the new facility and provide working capital as the Group develops future operations. The shares will be quoted on AIM and will begin trading at 08.00 on 7 October 2010. At the Placing Price , the company will have a market cap of £110 million.
Nikhil Gandhi, Chairman of SPL, said:
“This is an exciting day as we launch our new company and look to begin building one of India’s most modern and efficient port and logistics complexes near the heart of India’s business capital, Mumbai. SKIL Ports & Logistics will help to meet the significant demands of India’s congested port industry, as actively encouraged by the country’s government, and stands to benefit from the significant, ongoing growth of India, its economy and its logistics industry.”
Cenkos Securities plc is Nominated Advisor and Broker. Dahlman Rose is Exclusive US Placement Agent.
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