Bharat Road Networks has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO). The public issue consists of up to 29.30 lakh equity shares of face value of Rs 10 each. The issue size is estimated to be around Rs 1200 crore.
The net proceeds from the issue will be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary, Solapur Tollways (STPL) for part financing of the STPL Project among others. The book running lead managers to the issue are INGA Capital, Investec Capital Services (India) and SREI Capital Markets.
Bharat Road Network (BRNL) is a road build–operate–transfer (Bot) in India, focused on development, implementation, operation and maintenance of roads/highways projects.
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