Bharat Road Network, a road and highways BOT company, has priced its initial public offering (IPO), aimed at raising Rs 600 crore, in a price band of Rs 195-205. The three-day issue is scheduled to open in September. The anchor investors will be allotted shares on September 5. Bids can be made for a minimum of 73 shares and multiples of 73 thereof. The offer is a fresh issue of 2.93 crore shares and it constitutes 34.90% of the post issue paid up capital of the company. The company plans to use the proceeds of the fresh issue for advancing of debt in the form of an interest-free unsecured loan to its subsidiary, acquisition of subordinated debt given by SREI to three Special Purpose Vehicles (SPVs) and general corporate purposes.
Bharat Road Network is a road build-operate- transfer BOT company in India focused on development, implementation, operation, and maintenance of roads and highways projects. The company is involved in the development, operation and maintenance of national and state highways in several states in India with projects in Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha through partnerships with experienced EPC players in the local space where the project is located.
