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Mony K. Mathew

Thiruvananthapuram, July 11

Infrastructures Kerala Ltd (InKEL), floated by the Kerala Government recently to speed up industrial infrastructure development in the State, is planning to take up four projects in the current year.

One of the projects is in the proposed ‘Technocity’ in Thiruvananthapuram in association with Technopark, while another project in the pipeline is in Kochi, which will be taken up for implementation jointly with the Kerala Industrial Infrastructure Development Corporation (Kinfra), according to officials in the Industries Department.

InKEL is also working on a project near the Kozhikode airport and a Rs 1,000-crore project near the proposed airport in Kannur. All the projects will be executed through the public-private partnership route. InKEL, which is conceived as a public-private enterprise with a paid-up capital of Rs 100 crore and the Government holding 26 per cent, has started private placement for 74 per cent of the equity.

Out of this, 26 per cent has been earmarked for small investors who will be allotted up to 50 shares each at a price of Rs 10,000 per share.

The officials said that Rs 6 crore had already been raised from small investors and the issue will close on August 15. The applications for the shares are accepted at all the branches of State Bank of India and State Bank of Travancore.

The balance 48 per cent of the equity is reserved for individuals of high net worth. The issue has already been oversubscribed to the extent of Rs 102 crore with the closing date being July 31.

A majority of the subscribers are non-resident Keralites and most of them are shareholders in the Cochin International Airport Ltd (CIAL), which is the first airport in the country implemented with private participation and on which InKEL has been modelled.

The officials indicated that InKEL might come out with an initial public offering after three years.

More Stories on : Infrastructure | PSU | Kerala

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