Bharat Road IPO subscribed 1.33 times till 2pm on last day
New Delhi: The initial public offer of Bharat Road Network was subscribed 1.33 times so far on the last day of bidding on Friday.
The IPO of Bharat Road Network, a Srei Infrastructure Finance company, received bids for 39,083,908 shares against the total issue size of 29,300,000 shares, data available with the NSE till 2pm showed.
Till yesterday, the offer was subscribed 70%.
Bharat Road Network has fixed price band of Rs195-205 per share for its IPO and aims to raise Rs600 crore. Net proceeds from the issue will be utilised towards advancing of subordinate debt in the 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 are managing the IPO.
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