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Kolkata-based Bharat Road Network (BRNL), in which SREI Infrastructure Finance holds a 30 per cent stake and is a corporate promoter, plans to raise ₹600-700 crore through an IPO.
Of the total, about ₹370 crore would be used for consolidating its stake in existing projects, ₹150 crore for corporate purposes and about ₹50 crore to fund an existing project in Maharashtra (four-laning of Solapur-Karnataka portion of the national highway). The remaining would be used for IPO requirements, multiple sources close to the development told BusinessLine .
“As of now the plans are to raise somewhere between ₹600 and ₹700 crore, while the company intends to hit the market by June. BRNL would be utilising the proceeds for both organic and inorganic growth,” one of the sources said.
Following the IPO, SREI’s stake in the road Build Operate Transfer (BOT) company will fall to about 19.5 per cent.
When contacted BRNL Managing Director Bajrang Kumar Choudhary refused to divulge the timeline and quantum of the IPO, but added the company will go by the guidance of the advisors. BRNL — with five operating projects and one under construction, operates a total of about 2,000 lane km.
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