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The initial public offer of Bharat Road Network was oversubscribed 1.33 times so far on the last day of bidding today.
The IPO of Bharat Road Network, a Srei Infrastructure Finance company, received bids for 3,90,83,908 shares against the total issue size of 2,93,00,000 shares, data available with the NSE till 2 pm showed. Till yesterday, the offer was subscribed 70 per cent.
Bharat Road Network has fixed a price band of Rs 195-205 per share for its IPO. The company aims to raise Rs 600 crore.
Net proceeds from the issue will be utilised towards advancing of subordinate debt in the form of interest-free unsecured loan to its subsidiary STPL for part-financing of the STPL Project, among others.
Inga Capital, Investec Capital Services and Srei Capital Markets are managing the IPO.
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