Bharat Road Network’s IPO To Open On September 6
Bharat Road Network will sell 2.93 crore shares via its IPO which opens on September 6.
SREI Infrastructure Finance-promoted Bharat Road Network Ltd.’s initial public offering will be launched next month after the company received approval from the Registrar of Companies.
The issue will open on September 6 and close on September 8, according to a stock exchange filing by SREI Infrastructure. In June this year, Bharat Road had received a go-ahead from the capital market regulator Securities and Exchange Board of India for its IPO.
The Kolkata-based company which takes on contracts for building and operating road projects had filed its draft prospectus in February.
The company has proposed to sell up to 2.93 crore equity shares at a price which has not yet been disclosed yet.
Use Of Proceeds
According to its draft prospectus, Rs 52.4 crore of the amount raised will go towards advancing subordinate debt as an interest-free loan to finance a lane expansion project undertaken by its subsidiary STPL. The company will use Rs 372.2 crore to acquire unsecured debt held by SREI and its special purpose vehicles. The rest will go towards general corporate purposes, the draft red herring prospectus said.
INGA Capital Pvt Ltd., Investec Capital Services (India) Pvt Ltd. and SREI Capital Markets are book running lead managers to the issue while Karvy Computershare Pvt Ltd. is the Registrar to the issue.