SKIL Infra to raise over Rs 2,250 cr through IPO

SKIL Infrastructure today said it planned to raise $500 million (Rs 2,250 crore) through an initial public offering (IPO) and will file the draft prospectus with the Securities and Exchange Board of India (Sebi) in about a month.

“We have already finalised the IPO plans and we would be submitting document to Sebi in about four weeks,” said Nikhil Gandhi, group chairman of SKIL Infrastructure. He was speaking to reporters after announcing the company’s foray into business education.

It had hired bankers like JM Financial, Nomura, Credit Suisse and SBI Capital Markets for the IPO, he said.

SKIL, which today announced an alliance with UK-based University of Strathclyde to offer two-year MBA programme, said one-fifth of the proceeds would be used for its education venture. This is the third major exercise by SKIL in education. Earlier, it had bought a stake in Chennai-based Everonn Education and invested in New Horizons.

The MBA programme, which includes a three-month mandatory course at the Strathclyde University, would cost about Rs 10 lakh.

The first batch would start from September with 60 students. The classes will start at the Greater Noida campus of SKIL.