BRNL IPO receives 22% subscription


The IPO of Bharat Road Network Limited (BRNL) was subscribed by 22% as of 1700 hours on Wednesday. The initial public offering (IPO) is open for subscription and shall close on Friday, September 8, 2017.

The total issue size of the IPO stands at 2,93,00,000. The issue received 64,09,765 bids while the total bids received at cut-off price stood at 17,29,005. The company has fixed the price band at Rs 195 to Rs 205 per share. 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 1,200 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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