IL&FS Transportation to Raise Funds through IPO
IL&FS Transportation Network Ltd. is planning to raise Rs. 700cr through IPO and has filed the DRHP with SEBI.
The company plans to utilize about Rs 100cr to buy Trinity Capital's 2.5% stake in ITNL. Trinity capital is a subsidiary of Trikona Triniti Capital Plc .
Out of the remaning funds, Rs 500cr will be to repay short term debts and Rs 100cr for general corporate purposes. As on31 March 09, INTL's debt stood at Rs. 719cr. The company posted a PAT of Rs.49 cr in the last fiscal.
IL&FS holds 78.8% stake in ITNL, while IL&FS Employees' Welfare Trust holds 6.3%. Goldman Sachs Strategic Investments Ltd owns 5%.Standard Chartered IL&FS Asia Infrastructure Growth Fund, a joint venture between UK lender Standard Chartered and IL&FS, owns 5%. The remaining 2.4 per cent is held by Bessemer India Capital Holdings II Ltd, a unit of U.S.-based Bessemer Venture Partners.
Enam Securities, Nomura, HSBC Invest Direct and JM Financial are appointed as the lead managers to the issue while Avendus Capital & SBI Capital Markets Ltd will act as the co- lead managers.
ITNL was incorporated in 2000 by IL&FS in order to consolidate their existing road infrastructure projects and to pursue various new project initiatives in the area of surface transportation infrastructure. It started its international operations in March 2008 through the acquisition of Elsamex S.A which is a provider of maintenance services primarily for highways and roads in Spain and other countries.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 18/01/12 | IL&FS Transportation - Standard Chartered IL&FS (Exit) | Private Equity | 8.01 | |
| 30/03/10 | IL&FS Transportation-IPO | IPO / Offerings | Royal Bank of Scotland | 155.76 |
| 21/09/09 | IL&FS Transportation - Bessemer Venture Partners | Private Equity | Bessemer Venture Partners | 20.71 |
| 04/12/08 | IL&FS Transportation - Standard Chartered IL&FS | Private Equity | Standard Chartered IL&FS Asia Infrastructure Growth Fund | 26.10 |
| 04/06/07 | IL&FS Transportation - Goldman Sachs (Principal | Private Equity | Goldman Sachs (Principal Investments) | 20.50 |
| 04/10/06 | IL&FS Transportation - Trikona Trinity Capital | Private Equity | Trinity Capital PLC | 9.60 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 01/02/12 | M&A | Jindal Steel And Power Limited | Gopalpur Ports Limited | - | Announced |
| 30/01/12 | Private Equity | 3i India Infrastructure Fund | Supreme Infrastructure India Limited | 61.00 | Completed |
| 18/01/12 | Private Equity | IL&FS Transportation Networks Limited | 8.01 | Completed | |
| 13/01/12 | Private Equity | Jacob Ballas Capital India (New York Life Insurance Management India Fund ) | Karaikal Port Private Limited | - | Planned |
Fund |
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| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Trinity Capital PLC | 370 | Real Estate | www.trinitycapitalplc.com | Martin Michael AdamsStephen CoePhilip ScalesPradeep VermaArvind Pawha |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| IL&FS Transportation Networks Limited | Infrastructure Leasing & Financial Services Limited | The IL&FS Financial Centre Plot No C 22 G Block Bandra Kurla Complex Bandra East Mumbai 400051 Maharashtra |
Gammon India Limited Reliance Infrastructure Limited IRB Infrastructure Developers Limited |
www.itnlindia.com |
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