Bharat Road Network Ltd’s Rs 600 crore IPO which opened today for subscription was subscribed 21.87% on the first day of bidding. The bidding in the IPO will remain open for three days for three days which is from 6 September to 8 September.
Bharat Road Network Ltd’s Rs 600 crore IPO which opened today for subscription was subscribed 21.87% on the first day of bidding. The bidding in the IPO will remain open for three days for three days which is from 6 September to 8 September. The quota reserved for qualified institutional buyers (2,19,75,000 shares) was subscribed 18.86%, while shares reserved for non-institutional investors (43,95,000 shares) were subscribed 0.81%. The retail individual investors (29,30,000 shares) category was subscribed 76.03% at the end of day one of bidding.
The road developer company is going to sell up to 2.93 crore equity shares for a face value of Rs 10. The company has priced its shares in a band of Rs 195-205 for the share sale. At the upper end of the price band, Bharat Road Network looks to raise Rs 600 crore through the offering. INGA Capital, Investec Capital Services (India) and SREI Capital Markets are the book running lead managers to the issue while Karvy Computershare is the registrar to the issue.
The proceeds from the public issue of BRNL of 2.93 crore equity shares will be utilised for advancing of subordinate debt in form of interest free unsecured loan to subsidiary, STPL, for part financing of the STPL Project; acquisition of the subordinated debt in the form of unsecured loans/OCPIDs/warrants/OCDs, advanced/held by SREI to STPL, KEPL and MTPL and general corporate purposes. According to its draft prospectus, Rs 52.4 crore of the amount will be directed towards subordinated debt and Rs 372.2 crore will be used to acquire unsecured debt held by SREI and its SPVs (special purpose vehicles).