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Business News » India News

Bharat Roads sees strong revenue flow, IPO from Sept 6

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Updated: Fri, Sep 01, 2017
11:19 pm
PTI
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Road infrastructure company, Bharat Road Network Limited (BRNL) today said it was witnessing a strong growth in revenue.

"We are looking at six per cent growth in traffic flow for two years. For the next few years, four per cent growth in projected which is quite reasonable given we have longer annuity receiving period of over 18 years. The IPO valuation is based on these projection," BRNL head corporate strategy and investment Rajesh Sirohia said here today.

BRNL is a road and highways BOT company focused on development, implementation, operation and maintenance of roads & highways projects and has six road assets valued at around Rs 6,700 crore. Of the six, five are operational and one under construction.

"Our holding in these five road project is within 49 per cent and with partnership with other partners," Sirohia said.

BRNL is hitting IPO with 29,300,000 equity shares scheduled to open on September 6 at a price band of Rs 195-Rs 205 per share.

On the upper price band, the company proposes to raise Rs 600 crore.

The proceeds from the IPO will be utilised for advancing subordinate debt in the form of an interest-free unsecured loan to Solapur Tollways Private Ltd (STPL) apart from the acquisition of sub-debt of STPL, Kurukshetra Expressway Private Ltd and Mahakaleshwar Tollways Private Ltd and for general corporate purposes.

The company proposes to focus and bid for proposed toll-operate-transfer (TOT) projects.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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