Bharat Road Network Ltd, a Srei initiative, said it has filed draft papers with capital markets regulator Sebi to float a public issue, reported PTI.
The initial public offer (IPO) consists of up to 29.30 lakh equity shares of face value of Rs 10 each, the Kolkata- based company said in a statement.
The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the book running lead managers.
The company is a road Build-operate-transfer company in India, focused on development, implementation, operation and maintenance of roads, highways projects.
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.