SKIL Ports & Logistics to raise up to £37.6m

SKIL Ports & Logistics Ltd has announced a conditional placing, open offer and subscriptions to raise up to about £37.6m, gross.

This would comprise 300m placing shares to raise £30m, 60m subscription shares to raise £6m and an open offer to raise up to £1.6m. All were priced at 10p a share.

It said the funding was expected to complete construction of Multi-purpose Terminal and the Logistics Park by the end of third-quarter 2017

The AIM-quoted company also planned to change its name to Mercantile Ports & Logistics Ltd.

"As the economy in India continues to thrive and the demand for port and logistics capacity shows no sign of easing, we can now move towards the operational phase of the project with confidence and to delivering our facility for all our stakeholders and for the region," said executive chair Nikhil Gandhi.

At about 13:36 GMT, shares in SKIL were up 15.48% to 12.12p.