Excellent response from NRKs to company

KOCHI:  The setting up of an infrastructure company in Kerala has received a big response with offers worth Rs1bn by non-resident Keralites (NRKs) and big investors from the state.
Private placement to raise Rs740mn in capital investment for the Infrastructure Kerala Limited (InKel) would be open till April 30, it was decided at a meeting of prominent Non-Resident Indians and industrialists held here on Saturday evening.
In his opening remarks at the meeting, Industries Minister Elamaram Kareem said the government would like the NRIs to subscribe most of the shares as a high-yield investment. The state government agencies would hold 26% in the company while offering the rest to the public and institutions.
Though April 30 was set as the deadline, the authorities hopes the entire shares on offer to be subscribed fully much earlier, going by the enthusiasm shown by investors.
Out of the 74% shares offered to the public, 26% will be from small-scale investors who invest less than Rs 100,000 or 10 shares with a face value of Rs10,000. A team led by the minister would conduct road shows in the GCC countries from April 12.
This will end on April 21 followed by similar exercises in Europe and the US, dates of which will be announced later. Similar meetings will be held in Kochi later.
Along with top government officials, more than 40 industrialists and NRIs attended the meeting held at Hotel Le Meridian.
The company intends to raise Rs 15bn through various means in the first year for building infrastructure for high-tech industries and for establishing physical connectivity.
The InKel has already identified four places in Thiruvananthapuram, Kochi and Kozhikode for creating infrastructure for sunrise industries like information technology, biotechnology, electronics and nanotechnology.
A delegation of the Construction and Industrial Development Board (CIDB) of Malaysia has already evinced interest in developing infrastructure on a 250-acre plot of the Kerala State Industrial Development Corp (KSIDC) at Kinaloor in Kozhikode. 

The bank would acquire adequate land in all major centers for creating infrastructure in the state.

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