Published On:March 19 2018
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Inkel eyes highway infra projects in TN, Karnataka.
Eyeing a Rs. 500-crore turnover in three years, Inkel Ltd, the PPP initiative of the Kerala government, is looking at projects in highway infrastructure space in the neighbouring Tamil Nadu and Karnataka.
“We are tying up with companies through JV contracts in NHAI projects, developing bridges and other road projects in the EPC (engineering, procurement and construction) segment as well as implementing solar projects,” said Mohammed Sagheer, the company’s MD.
The company, he said, is in the process of commissioning the 58-km road upgradation project in Thiruvananthapuram and Kottayam which was awarded on a BOT basis by Road Infrastructure Company Kerala Ltd (RICK). The construction of the Rs. 162-crore project will be completed in six months ahead of the agreement schedule and the company proposes to take up more such projects in the coming months.
To part fund the emerging business requirements, he said, Inkel would shortly announce a rights issue and Public Deposit Scheme. The Board has approved the issue of new shares on rights basis for the balance unpaid portion of Rs. 36.97 crore against an authorised capital of Rs. 200 crore.
The renouncable pro-rata rights issue to existing shareholders would be on the basis on one new share for every 4.41 share held by them, at an issue price of Rs. 15 ( a nominal premium of Rs. 5 per share).
It is also proposed to mobilise Rs. 40 crore through PDS with an annual interest rate of 9.5 per cent, considering the success of fund raising programme in 2016-17, he said.