IPO: Bharat Road Network Limted
Company & Business Profile
Incorporated on December 22, 2006, Bharat Road Network Limited (“BRNL”) is a Road Build, Operate and Transfer (“BOT”) company in India, focused on Development, Implementation, Operation and Maintenance of Road/Highways projects.
SREI Infrastructure Finance Limited (“SREI”), company’s corporate promoter and other promoter groups (SPVs) currently holds whole of Pre-Issue and 65.10% of Post-Issue paid-up share capital of BRNL. SREI is one of India’s recognized infrastructure institutions and provides financial products and services for the customers engaged in the infrastructure sector. SREI is registered with the RBI as an Infrastructure Finance Company and is also a notified Public Financial Institution. BRNL has entered into a letter arrangement dated February 16, 2017, pursuant to which all the road/ highway assets of SREI would be managed by BRNL.
BRNL has a project portfolio consisting of 6 BOT Projects, of which 2 are Projects operational under Final COD, 3 are Projects operational under Provisional COD and 1 is a Project under Construction.
Objects of the Issue:
1. Advancing of subordinate debt in form of interest free unsecured loan to their Subsidiary, STPL, for part financing of the STPL Project (“STPL Sponsor Investment”).
2. Acquisition of the subordinated debt in the form of unsecured loan s/OCPIDs/warrants/OCDs, advanced/held by SREI to STPL, KEPL and MTPL (“Identified SPVs”).
3. Benefits of listing of its equity shares on the stock exchanges.
4. General corporate purposes.
Listing:
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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