 "Kolkata-based Bharat Road Network Plan Rs 1,200 crore IPO")
Kolkata-based, Bharat Road Network Ltd. (BRNL), a Srei initiative, has filed a draft red herring prospectus with Sebi seeking permission for its initial public offering, with an issue consisting of up to 29,300,000 equity shares having a face value of Rs 10 each. The issue size is estimated to be around Rs 1,200 crore.
BRNL is a road BOT (build–operate–transfer) company, focused on development, implementation, operation and maintenance of roads and highways projects.
The net proceeds from the issue will be utilised towards advancing of subordinate debt in the form of an interest-free unsecured loan to its subsidiary, STPL — a SPV (special purpose vehicle), promoted by SREI Infrastructure Finance to implement a lane expansion project under a 25-year concession from the National Highways Authority of India.
At present, all the projects are implemented through special purpose vehicles, either through its subsidiaries or in partnership with other infrastructure players.
BRNL is also involved in the development, operation and maintenance of national and state highways in several states in India. The company has projects in states like Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha.
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