Bharat Road IPO price band at Rs 195-205; eyes Rs 600 crore

Bharat Road Network, a Srei Infrastructure Finance initiative, today fixed a price band of Rs 195-205 per equity share for its initial public offer through which it aims to raise Rs 600 crore.

The IPO will open for public subscription from September 6-8.

The company said in a statement that it "will be launching its IPO of up to 2.93 crore equity shares which is scheduled to open on September 6 and close on September 8 at price band of Rs 195-205 per equity share".

The issue constitutes 34.90 per cent of the post issue paid-up equity share capital of the company.

At the up-end of the price band, the company is expected to garner Rs 600 crore.

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 among others.

INGA Capital, Investec Capital Services and Srei Capital Markets will manage the IPO.

The company's shares are proposed to be listed on BSE and National Stock Exchange (NSE).