BRNL files DRHP with SEBI; proposes to issue 29.3 mn equity shares

Bharat Road Network Limited (BRNL), a road build-operate-transfer company, has proposed an initial public offer (IPO) of upto 29.3 million equity shares of the face value of Rs 10 each by way of book building process.
 
In this connection, the company has filed a draft red herring prospectus (DRHP) with market regulator-SEBI. The final price will be decided by the company in consultation with the book running lead managers (BRLM) to the issue.
 
The project portfolio of BRNL consists of six road BOT projects, which are being developed on a public-private partnership (PPP) basis in Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha. Out of these, two projects are operational under final commercial operation date, three projects are operational under provisional COD and one project is under construction. The projects operational under final COD and provisional COD together cover approximately 1,622.44 lane kms, including major and minor bridges. While the project under construction involves development of 400.24 lane kms, including major and minor bridges.

BRNL focusses on the development, implementation, operation, maintenance of roads and highways projects.