Bharat Road Network Limited gets SEBI nod for IPO

Bharat Road Network Limited (BRNL) has received SEBI’s nod for an IPO. BRNL filed its draft red herring prospectus on February 17, 2017. The IPO will comprise an issue of 29.3 million shares, which will result in the dilution of a 34.9 per cent stake on a post-issue basis. The IPO size is estimated to be Rs 4.2 billion-Rs 5.6 billion ($62.59 million-$83.5 million), which will value the company at Rs 16.04 billion ($240 million).