Bharat Road Networks IPO.

Bharat Road Networks

About the Company.

Bharat Road Networks was Incorporated in 2006, BRNL is a Road Build Operate Transfer(BOT) company, focused on development, implementation, operation and maintenance of roads/highways projects.

Company is involved in the development, operation and maintenance of national and state highways in several states in India with projects in states of Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha through partnerships with experienced EPC players in the local space where the project is located.

At present, all the projects are implemented through special purpose vehicles, either through a Subsidiary or in partnership with other infrastructure players.

Company performs whole range of project management functions, including design, engineering, EPC management and quality control. We also provide project advisory activities including project management consultancy, project conceptualization, commissioning, operation and management of the projects during the entire life cycle of our projects.

They have a project portfolio consisting of six (6) BOT Projects, of which two (2) are Projects operational under Final COD, three (3) are Projects operational under Provisional COD and one (1) is a Project under Construction.Our Projects operational under Final COD and Projects operational under Provisional COD are located in the states of Kerala, Madhya Pradesh, and Haryana, Uttar Pradesh and Odisha, respectively.

Their Projects operational under Final COD and Projects operational under Provisional COD cover approximately 1,622.44 lane kms, including major and minor bridges.

Strength’s of the Company:

  • Diverse portfolio of projects in several states in India and long residual concession period of the projects.
  • Ability to partner with experienced domestic and international EPC players.
  • Strong and experienced Corporate Promoter.

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  • Guruvayoor Infrastructure Private Limited (“GIPL”)
  • Mahakaleshwar Tollways Private Limited (“MTPL”)
  • Kurukshetra Expressway Private Limited (“KEPL”)
  • Ghaziabad Aligarh Expressway Private Limited (“GAEPL”)
  • Shree Jagannath Expressways Private Limited (“SJEPL”)
  • Solapur Tollways Private Limited (“STPL”) (Under Construction)
  • Orissa Steel Expressway Private Limited (“OSEPL”) (Under Construction)


TOP 10 Shareholders:

Sr.No. Shareholder Name Number of Equity Shares held Percentage of Equity Share Capital %
1. IPDC 20,950,000 38.33
2. SREI 16,630,000 30.43
3. OSPL Infradeal Private Ltd. 9,520,000 17.42
4. IPDF 7,049,800 12.90
5. Make in India Fund 500,000 0.91
6. Bajrang Kumar Choudhary 100 Negligible
7. Rajesh Sirohia 100 Negligible
Total 54,650,000 100%


Management Team:

  1. Mr. Brahm Dutt (Designation: Chairman of the Board and Independent Director)
  2. Mr. Bajrang Kumar Choudhary (Designation: Managing Director)


Objectives of the issue:

  • Advancing of subordinate debt in form of interest free unsecured loan to our Subsidiary, STPL, for part
    financing of the STPL Project (“STPL Sponsor Investment”).
  • Acquisition of the subordinated debt in the form of unsecured loans held by SREI in STPL, KEPL and MTPL (“Identified SPVs”).
  • General corporate purposes.
  • Listing Benefits:

Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17
Revenue 3.05 9.64 41.48 4.25 14.92
Net Profit (-16.87) (-60.7) (-26.4) (-92.5) (-73.88)


IPO Details:

Details Info
Issue Opens on 6th September 2017
Isue Closes on:. 8th September 2017
Issue Price Rs.195 – Rs.205
Face Value Rs.10
Minimum Lot 73
Minimum Investment Rs.14965
Issue Constitutes 34.90%
Issue Size Rs.600 cr
Market Cap Rs.1720 cr
Listing at NSE & BSE
Equity Shares Offered 2,93,00,000
Equity Shares Prior 5,46,50,000
Equity Shares after the issue 8,39,50,000


Important Dates:

Finalization of Basis of Allotment on or Before 13th September 2017
Initiation of Refunds on or Before 14th September 2017
Credit of Equity Shares: on or Before 14th August 2017
Listing Date: on or Before 18th September 2017


IPO Valuation parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RONW) Net Asset Value (NAV)
(-26.51) NA Negative NA

Subscription Details:(Real time Updates will be provided)

(Subscription-Category-Wise (no. of times) Till time : 05:00 PM) Shares Offered Day-1 Day-2 Day-3
QIB  2,19,75,000  0.189 0.5548 1.326
NII  43,95,000 0.0059 0.6389 1.63
Retail  29,30,000  0.76 2.3416 5.15
Employee  ———–  —-  —–  —–
TOTAL  2,93,00,000  0.221  0.6524 1.75

Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Avoid NA NA