Wednesday, February 21, 2018

Four-Lane-HighwayKolkata 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.