Srei Infrastructure Finance Limited-promoted Bharat Road Network Limited (BRNL) has filed a draft red herring prospectus with SEBI for an IPO. As per the prospectus, the IPO comprises a fresh issue of 29.3 million shares, which will result in a stake dilution of roughly 34.9 per cent in BRNL. The IPO size is estimated at Rs 4.2 billion-Rs 5.6 billion ($62.59 million-$83.5 million). The company aims to sponsor Solapur Tollways Private Limited’s highway project with a Rs 514.7 million infusion. Inga Capital Private Limited, Investec Capital Services (India) Private Limited and Srei Capital Markets Limited are financial advisers for the IPO. In addition, BRNL aims to acquire subordinated debt, in the form of unsecured loans, warrants, optionally convertible debentures, among other debt instruments, worth Rs 3.72 billion held by Srei Infrastructure Finance Limited.