 "Srei-promoted Bharat Roads look to raise Rs 1,200 cr via IPO in July")
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.
“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 projects during their life cycle.
It also undertakes debt syndication, refinancing and financial restructuring of its projects.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%