Bharat Road IPO subscribed by 0.69 times on second day

By: | Published: September 8, 2017 2:37 AM

The IPO of Bharat Road Network, a Srei Infrastructure Finance company, was subscribed by 0.69 times on Thursday with investors bidding for 2.03 crore shares of the 2.93 crore shares on offer.

Bharat Road, Bharat Road network, Bharat Road ipo, ipo news, Bharat Road initial public offeringsBRNL consists of six major road BOT projects that are developed on a public-private partnership (PPP) basis in states like Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha. (IE)

The initial public offering (IPO) of Bharat Road Network, a Srei Infrastructure Finance company, was subscribed by 0.69 times on Thursday with investors bidding for 2.03 crore shares of the 2.93 crore shares on offer. The qualified institutional buyers bid 1.15 crore shares on the second day of the IPO. High net worth individuals (HNIs) bid for 27.83 lakh shares and retail investors bid for 60.61 lakh shares of the 29.30 lakh shares on offer. The initial public offer of Bharat Road Network IPO has a price band of Rs 195-205 per share with a face value of Rs 10 each. The company is expected to raise around Rs 600 crore at Rs 205 per share, the higher end of price band.

The company intends to utilise the net proceeds from the issue towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary, STPL, for part financing of the STPL Project, among others. Bharat Road Network (BRNL) is a road Build Operate Transfer company based in Kolkata. The company also provides project management services and project advisory activities. It undertakes debt syndication, refinancing and financial restructuring of its projects too.

BRNL consists of six major road BOT projects that are developed on a public-private partnership (PPP) basis in states like Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha. The net loss of the company widened from Rs 26.42 crore to Rs 92.54 crore in financial year 2016.

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