Bharat Road Network IPO to open for subscription tomorrow

Bharat Road Network Limited (BRNL) initial public offering (IPO) is going to open for subscription on Wednesday, September 6, 2017, and shall close on Friday, September 08, 2017. The company has fixed the price band at Rs 195 to Rs 205 per share.

The company has recently received the approval from Registrar of Companies (RoC), West Bengal on August 23, 2017, in regard to the Red Herring Prospectus filed.

The public issue consists of up to 29,300,000 equity shares of face value of Rs 10 each 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, part acquisition of the subordinated debt in form of interest free unsecured loan or debentures, advanced by SREI to STPL, KEPL and MTPL and for general corporate purposes.

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

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