Chennai: Bharat Road Network Limited (“Company”), a Road and Highways BOT Company in India, focused on development, implementation, operation and maintenance of roads & highways projects will be launching its initial public offering (“IPO” or the “Issue”) of up to 29,300,000 Equity Shares which is scheduled to open on September 6, 2017 and close on September 8, 2017, at price band of Rs. 195 – Rs. 205 per Equity Share of the Company.
The Issue will constitute 34.90%, of the post Issue paid-up Equity Share capital of the Company.
The Equity Shares of the Company are proposed to be listed on BSE Limited and National Stock Exchange of India Limited. BSE Limited shall be the Designated Stock Exchange for the Issue.
The Company proposes to utilize the Net Proceeds of the Issue for (i) advancing of subordinate debt in form of interest free unsecured loan to its Subsidiary (Solapur Tollways Private Limited) for part financing of the Project; (ii) acquisition of the subordinated debt given by SREI to three Special Purpose Vehicles i.e. Solapur Tollways Private Limited, Kurukshetra Expressway Private Limited & Mahakaleshwar Tollways Private Limited; and (iii) general corporate purposes.
The Issue is being made through the Book Building Process in accordance with SEBI ICDR Regulations wherein at least 75% of the Issue shall be allotted on a proportionate basis to Qualified Institutional Buyers (“QIBs”) and the Company in consultation with the Book Running Lead Managers (BRLMs) may allocate up to 60% of the QIB Portion to Anchor Investors, on a discretionary basis. The Anchor Investor Bid/Issue Period, if any, shall be one working day prior to the IPO Opening Date.
Further, not more than 15% of the Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and not more than 10% of the Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations. All Bidders, other than Anchor Investors, shall participate in the Issue mandatorily through the Applications Supported by Blocked Amount (“ASBA”) process.
Inga Capital Private Limited, Investec Capital Services (India) Private Limited and Srei Capital Markets Limited are the Book Running Lead Managers to the Issue. In compliance with the proviso to Regulation 21A of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 read with proviso to the Regulation 5(3) of the SEBI ICDR Regulations, Srei Capital, which is one of the BRLMs and Promoter Group entity, shall only be involved in marketing of the Issue. The Registrar to the Issue is Karvy Computershare Private Limited.