SREI Infrastructure Finance-promoted road developer Bharat Road Network (BRNL) has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The public offer will comprise a fresh issue of 2.93 crore shares, which will result in a dilution of a 34.9% stake on a post-issue basis.
The company, which filed the draft red herring prospectus with the SEBI in February, got the regulator’s approval on May 26. 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.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 4094.95 |
| Rail Vikas Nigam | 303.10 |
| NCC | 161.30 |
| KEC International | 580.10 |
| Kalpataru Projects | 1232.90 |
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