The public issue consists of up to 29,300,000 equity shares of face value of Rs 10 each
Srei Infrastructure Finance-promoted Bharat Road Network (BRNL) is looking to raise Rs 1,200 via an initial public offering (IPO) in mid-July. “We got approval in May and by mid-July we should be able to bring the IPO,” Bajrang Kumar Choudhary, managing director, BRNL, told Business Standard.
The public issue consists of up to 29.3 million equity shares of face value of Rs 10 each. According to market sources, the issue size is estimated at Rs 1,200 crore.
Inga Capital Private, Investec Capital Services (India) Private and Srei Capital Markets are the book-running lead managers to the issue.
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“The proceeds from the IPO would be utilised more in terms of growth consolidation, both organic and inorganic. We are looking at quite a few opportunities, assets in the BOT (build-operate-transfer) mode but have not zeroed in on anything,” Choudhary said.
The firm is focused on development, implementation, operation and maintenance of roads and highway projects. It is involved in development, operation and maintenance of national and state highways in several states, including Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha, through partnerships with experienced EPC (engineering-procurement-construction) players.
BRNL’s project portfolio consists of six BOT projects. Of these, two are operational under final commercial operation, three projects are operational under provisional COD (commercial operation declaration) and one is under construction.
The company performs a range of project management functions, including design, engineering, EPC management and quality control. It also provides project advisory activities, including project management consultancy, conceptualisation, commissioning, operation and management of the (read more…)