Bharat Road Network Limited - IPO

 Issuer

 Bharat Road Network Limited ( View Report)
 Offer Period

 Sep 06, 2017

 Sep 08, 2017
 Price Band  Rs. 195 - 205
 Face Value  Rs. 10
 Offer Size
 Rs.571.35 crs – 600.65 crs
 Issue Size
 29,300,000 Equity Shares
 Bid Lot  73 Equity Shares and in multiples thereafter
 Mode of Payment  ASBA Mandatory ( No Cheque will be accepted)
 Listing  NSE & BSE


Company Profile

Bharat Road Network Limited (BRNL) arm of SREI group is a road BOT (Build, operate and transfer, including DBFOT (Design, build, finance, operate and transfer) and DBFOMT (Design, build, finance, operate, maintain and transfer) company in India, focused on development, implementation, operation and maintenance of roads/highways projects. It is involved in the development, operation and maintenance of national and state highways in several states in India with projects in states of Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha through partnerships with experienced EPC players in the local space where the project is located. At present, all of its projects are implemented through special purpose vehicles, either through its Subsidiary or in partnership with other infrastructure players. BRNL performs a range of project management functions, including design, engineering, EPC management and quality control and also provides project advisory activities including, project management consultancy, project conceptualisation, commissioning, operation and management of the projects during the entire life cycle of its projects.

Objects of Issue:

The Company proposes to utilize the Net Proceeds towards funding the following objects:

  • Advancing of subordinate debt in form of interest free unsecured loan to its Subsidiary, STPL, for part financing of the STPL Project (“STPL Sponsor Investment”);

  • Setting up a unit for manufacturing of LED TVs at the Tirupati Facility.

  • Acquisition of the subordinated debt in the form of unsecured loans/OCPIDs/warrants/OCDs, advanced/held by SREI to/in STPL(Solapur Tollways Private Limited), KEPL(Kurukshetra Expressway Private Limited) and MTPL (Mahakaleshwar Tollways Private Limited )(“Identified SPVs”); and

  • General corporate purposes.
Issue Breakup:

Category  Allocation Issue Size ( Rs. in Crs )
Lower Band Upper Band
QIB 75% 428.51 450.48
NIB 15% 80.70 90.09
Retail 10% 57.13 60.06
Total 100% 571.35 600.65

 
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