SKIL Infrastructure Limited has received the necessary corporate approvals, paving the way for the Infrastructure sector pioneer to join the world’s largest V-SAT based education network company Everonn Education Ltd as a co-promoter.
SKIL Infrastructure Limited has received the necessary corporate approvals, paving the way for the Infrastructure sector pioneer to join the world’s largest V-SAT based education network company Everonn Education Ltd as a co-promoter.
The Board of Directors of the listed entity Everonn Education Ltd had on Monday approved a proposal to allot 40, 00,000 optionally convertible debentures to SKIL Infrastructure. The exact price determined as per the SEBI (ICDR) Regulations – 2009, works out to Rs 520.87 each, resulting in an aggregate cost of Rs 208.34 crores.
SKIL shall be making an offer for 20% of the shares in Everonn in accordance with the SEBI (ICDR) Regulations – 2009 at a price of Rs. 536.22 per equity share. The total number of shares that SKIL shall hold after the open offer and the conversion of the optionally convertible debentures shall be 40,00,000.
The allotment is subject to shareholder and regulatory approvals. Everonn Education has convened an extraordinary general body meeting on August 18, 2010 to seek approval of the allotment.
“We have always believed that education is one of the critical social infrastructure gaps that need to be bridged if India is able to realise the full potential of its demographic dividend. SKIL has been seriously looking at the education sector for the past few years, and we believe that in Everonn, we have found the right partner and platform for SKIL’s foray into the education sector”, said, Mr Nikhil Gandhi, Chairman of SKIL Infrastructure.
“We are happy to have SKIL as a co-promoter and we are confident that the synergies that the two organisations will bring to this relationship shall enable us to scale newer heights in the field of education, and to extend our reach to millions more in this country,” said Mr P Kishore, Managing Director of Everonn Education.
About SKIL Infrastructure:
SKIL Infrastructure Ltd. is a pioneer in the infrastructure sector in India and is a leading infrastructure company.
A privately held company, SKIL Infrastructure Ltd. (formerly Sea King Infrastructure Ltd.), has since the early 1990s, established a tradition of initiating and implementing unique projects. The core strength of the company lies in conceptualizing and implementing projects on an international scale.
Over the last 20 years, the SKIL has been at the forefront of implementation of various projects in key strategic areas such as India’s first private port, India’s largest shipyard, private sector railway, expressway and urban infrastructure, such as Special Economic Zones, etc. Each of these projects is “first-of-its-kind” in its respective category, whether it be in terms of private sector initiative, private capital and management involvement, or because of the concept and policy initiatives underlying each of such projects.
SKIL’s philosophy is to identify growth-oriented green field projects in the arena of infrastructure, implement them on a time-bound basis and through strategic association with world-class entities, create wealth for all stakeholders. SKIL has a successful track record of attracting the Best of Class strategic and financial investors in all its Projects and consistently created value for its Investors.The Pipavav Shipyard set up by SKIL is one of the largest shipyards in the world .
Development of infrastructure projects typically requires an ability to sustain comparatively longer gestation periods, and SKIL has amply demonstrated its ability to bear the initial risks associated with such projects and has successfully mitigated them. SKIL also successfully completed the IPO for its Pipavav Shipyard Limited project, which was well received by the markets and investors. PSL shares are currenty trading at Rs 98 per share against an issue prive of Rs 58 in Oct 2009.
