Bharat Road Networks Limited plans IPO, files papers with SEBI today

Friday, February 17, 2017 (GPN)  : Kolkata based, Bharat Road Network Ltd. (BRNL), a Srei initiative, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI seeking permission for its Initial Public Offering (IPO). The company is a road BOT company in India, focused on development, implementation, operation and maintenance of roads/highways projects.

The public issue consists of up to 29,300,000 equity shares of face value of Rs 10 each (the “equity shares”) of BRNL.

The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the Book Running Lead Managers (BRLMs).

The issue size is estimated to be around Rs. 1200 crore.

The Net Proceeds from the Issue will be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its Subsidiary, STPL, for part financing of the STPL Project (“STPL Sponsor Investment”), part acquisition of the subordinated debt in form of interest free unsecured loan or debentures, advanced by SREI to STPL, KEPL and MTPL (“Identified SPVs”) and for general corporate purposes.

 

INGA Capital Private Limited, Investec Capital Services (India) Private Limited and SREI Capital Markets Limited are book running lead managers to the issue and Karvy Computershare Private Limited is the Registrar to the Issue.

About Bharat Road Networks Limited:

 

Bharat Road Network Limited (BRNL), is a road BOT company in India, focused on development, implementation, operation and maintenance of roads/highways projects. The Company was incorporated in 2006 as a developer and operator for highways, road and related projects on a BOT basis. As per the letter arrangement dated February 16, 2017, all the road/highway assets of SREI would be managed by BRNL. At present, all the projects are implemented through special purpose vehicles, either through its Subsidiaries or in partnership with other infrastructure players. BRNL is also involved in the development, operation and maintenance of national and state highways in several states in India. The company has projects in in states like Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha through partnerships with experienced EPC players in the local space where the project is located. 

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.