Friday, 8 September 2017

BRNL IPO oversubscribed by 1.48 times

The IPO of Bharat Road Network Limited (BRNL) was subscribed by 1.48 times as of 1430 hours on its last day of subscription.
The total issue size of the IPO stands at 2,93,00,000. The issue received 4,33,99,303 bids while the total bids received at cut-off price stood at 99,59,317. The company has fixed the price band at Rs 195 to Rs 205 per share. The equity shares will have a face value of Rs 10.
The issue size is estimated to be around Rs 1,200 crore. The net proceeds from the issue will be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its Subsidiary, STPL, for part financing of the STPL Project, part acquisition of the subordinated debt in form of interest free unsecured loan or debentures, advanced by SREI to STPL, KEPL and MTPL and for general corporate purposes.


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