Hyderabad-based Ramky Infrastructure Limited has received private equity funding of Rs. 125 crores from IL&FS Investment Managers (IIML) and UAE-based Sabre Abraaj Private Equity Fund I. Rs. 75 crores was put in by Sabre-Abraaj, while Rs. 50 crores was infused by IIML. Members from the two companies will join the board of Ramky. The investment of Rs. 125 crores amounts to 13.5% of equity placed with the two investors while the remaining 84.5% is held by the promoters. About 1.1 mn shares of Ramky Infrastructure have been placed with the investors at a price of about Rs. 1146 per share, taking the EV of Ramky at Rs. 925 crores.
Ramky Infrastructure has been undertaking several BOT projects including roads, highways, industrial parks, irrigation canals and residential projects. The order book position of the company stands at Rs. 2300 crores. The investment will be used to bid for larger construction projects, investment in BOT projects and working capital requirements. The company will also look at the option of entering the capital markets in the next one year to raise funds.
IIML’s investment in Ramky is part of its $1 bn funds planned for the year. Of the $1 bn planned for investment, at least $250 million has been invested in infrastructure firms. This is also the first investment of Sabre Abraaj Private Equity, a 50:50 JV between Sabre Capital Worldwide, Inc. and UAE-based Abraaj Capital. Recently the two investment firms launched the Sabre Abraaj India Private Equity Fund I and the first recipient of funds is Ramky (See Related Post).
Read The Economic Times article.
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