BRNL files DRHP for Rs 1,200 crore IPO
Bhagyashree Vivarekar / 17 Feb 2017
The public issue consists of up to 29,300,000 equity shares of face value of Rs 10 each of BRNL, with an estimated issue size of Rs. 1200 crore.
Kolkata-based Bharat Road Network Ltd (BRNL), a SREI initiative, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI on Feb. 17 seeking permission for its Initial Public Offering (IPO).
The public issue consists of up to 29,300,000 equity shares of face value of Rs 10 each of BRNL, with an estimated issue size of Rs. 1200 crore. The IPO will help BRNL to raise capital to be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary STPL. STPL will partly capitalise for the project “STPL Sponsor Investment”.
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. BRNL would manage all the road/highway assets of SREI as per the arrangement on Feb. 16. At present, subsidiaries or partnerships with other infrastructure players implement all the projects.
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