Bharat Road Network to hit its IPO by June
DSIJ Intelligence / 26 Apr 2017
Kolkata-based Bharat Road Network (BRNL) has plans to raise Rs 600 crore to Rs 700 crore through an IPO. SREI Infrastructure Finance holds a 30 per cent stake and is a corporate promoter of BRNL.
Kolkata-based Bharat Road Network (BRNL) has plans to raise Rs 600 crore to Rs 700 crore through an IPO. SREI Infrastructure Finance holds a 30 per cent stake and is a corporate promoter of BRNL.
BRNL will be utilising proceedings of Rs 370 crore for consolidating its stake in existing projects; Rs 150 crore for corporate purposes; and about Rs 50 crore to fund an existing project in Maharashtra (four-laning of Solapur-Karnataka portion of the national highway). The remaining would be used for IPO requirements.
The company intends to hit its IPO by June. BRNL would be utilising the proceeds for both organic and inorganic growth.
Following the IPO, SREI Infrastructure’s stake in BRNL will fall to about 19.5 per cent.
BRNL, with five operating projects and one under construction, operates a total of about 2000 lane km. It is involved in building of complete constructions or parts thereof; and civil engineering.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.