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 up to Rs 600 crore through a public issue.

In April, multiple sources close to the development told BusinessLine that the company was looking at raising about Rs 600-700 crore through an Initial Public Offering (IPO). Read the story: BRNL to raise Rs 600-700 crore through public issue

The company has fixed a price band of Rs 195-205 per share for the issue, which is scheduled to open on September 6 and close on September 8.

Of the total, about Rs 370 crore would be used for acquisition of sub-debt, thereby, consolidating economic interest in existing SPVs. About Rs 150 crore would be used for general corporate purposes and about Rs 50 crore to fund an existing project in Maharashtra (four-laning of Solapur-Karnataka portion of the national highway), Rajesh Sirohia, Head, Corporate Strategy & Investment at BRNL, said.

The remaining would be used for IPO requirements, he added.

The issue will constitute 34.90 per cent of the post-issue paid-up share capital of the company. The company’s shares are proposed to be listed on the BSE and National Stock Exchange of India.

Inga Capital, Investec Capital Services (India) and Srei Capital Markets are the book-running lead managers, while Karvy Computershare is the registrar to the issue.

BRNL, a road and highways build-operate-transfer firm, has five operating projects and one under construction, and operates a total of about 2,095 lane km.