Cochin Intl Airport to raise Rs 200 cr via rights issue

Chennai/ Kochi: Cochin International Airport Limited (CIAL) will enhance its capital base by Rs 200 crore through a rights issue, taking the total capital of the first-ever public-private partnership airport company of India to Rs 400 crore.
An extraordinary general meeting (EGM) of the shareholders of the company held here on Saturday approved the rights issue in a ratio of 1:1.
Official sources said CIAL would issue 20 crore shares of Rs 10 each. The increase in capital base was part of its mega expansion plans and was in line with the proposals submitted by Ernst and Young, the consultants appointed by the company. The rights issue will open on May 1 and closes on May 31.
Through the rights issue, the holding of the state government, which is the largest shareholder of the company, will increase to Rs 104 crore from the present Rs 52 crore. The state government will have a 34 per cent stake in the company after the rights issue.
11/04/06 Business Standard

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