Bharat Road Network to hit its IPO by June

Kolkata-based Bharat Road Network (BRNL) has plans to raise Rs 600 crore to Rs 700 crore through an IPO. SREI Infrastructure Finance holds a 30 per cent stake and is a corporate promoter of BRNL.

BRNL will be utilising proceedings of Rs 370 crore for consolidating its stake in existing projects; Rs 150 crore for corporate purposes; and about Rs 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.

The company intends to hit its IPO by June. BRNL would be utilising the proceeds for both organic and inorganic growth.
Following the IPO, SREI Infrastructure’s stake in BRNL will fall to about 19.5 per cent.

BRNL, with five operating projects and one under construction, operates a total of about 2000 lane km. It is involved in building of complete constructions or parts thereof; and civil engineering.