Infrastructures Kerala Ltd ( InKel), the Kerala government’s new PPP (Public Private Partnership) outfit, has downed shutters on its private placement window for HNIs (high networth individuals).
However, for the small investor, the private placement option is open till August 15. The PPP has collected Rs 102 crore for the 48% allowed for private placement through HNIs, John Mathai, chairman, InKel told FE. The HNI private placement was closed on July 31.
What helped InKel the most was the profitability track-record of CIAL (Cochin International Airport Limited), India’s first greenfield airport in PPP mode. A good many of the InKel’s investors had been CIAL investors too, according to sources.
However, the inflow of small investors is yet to be correspondingly as eager as that of HNIs. InKel has kept as much as 26% equity reserved for the small investors. A small investor can hold up to 50 shares each of face value of Rs 10,000. The Kerala government is banking on NRIs to form the bulk of this category. Share applications for small investors are in circulation through State Bank of India and State Bank of Travancore outlets.
The Kerala government will retain 26% equity. The company has a paid-up capital of Rs 100 crore.
The infrastructure PPP had announced plans to take four projects this year, including the Rs 1000-crore Technocity in Thiruvananthapuram, in association with Technopark. There are three other infrastucture projects near Kozhikode, Kochi and Kannur airports.
InKel was formed to build, operate, maintain, sell and deal with infrastructure facilities, projects and ventures including SEZs, industrial parks/estates, roads, rail and other transport facilities. “The focus will be for infrastructure-building for industry specifically in sunrise segments,” says Mathai.