Bharat Road Network IPO Details

Issue Open Sep 6, 2017
Issue Close Sep 8, 2017
IPO Price ₹205
Face Value ₹10
IPO Size ₹600.65 Cr
Listing At BSE, NSE
IPO Lot Size 73

Bharat Road Network Ltd.

Our Company was incorporated as 'Bharat Road Network Limited' on December 22, 2006, at Kolkata as a public limited company under the Company under the Companies Act, 1956. Our Company received the certificate of commencement of business on August 2, 2007. For details of changes in the registered office of our Company, please refer to "History and Certain Corporate Matters" on page 171 of the Prospectus dated September 11, 2017 ("Prospectus")
Registered Office: Mirania Gardens, 10B/1, Topsia Road (East), Kolkata - 700 046, West Bengal, India; Tel: + 91 33 4409 9140; Fax: +91 33 6602 3243; Corporate Office: 5th Floor (north east block), Vishwakarma Building, 86C Topsia Road (South), Kolkata - 700 046, West Bengal, India; Tel: +91 33 6602 3609 Fax: +91 33 6602 3243; Corporate Identity Number: U45203WB2006PLC112235; Email: corporate@brnl.in; Website: www.brnl.in;
Contact Person: Mr. Sanjay Banka, Chief Financial Officer, Company Secretary and Compliance Officer; Tel: +91 33 6602 3078; Fax: +91 33 6602 3243; Email: cs@brnl.in

PROMOTERS OF OUR COMPANY: SREI INFRASTRUCTURE FINANCE LIMITED AND MAKE IN INDIA FUND

BASIS OF ALLOTMENT

Our Company has filed the Prospectus with the Registrar of Companies, West Bengal, located at Kolkata on September 11, 2017 and the Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading will commence on September 18, 2017.

PUBLIC ISSUE OF 29,300,000 EQUITY SHARES OF FACE VALUE RS. 10.00 EACH ("EQUITY SHARES") OF BHARAT ROAD NETWORK LIMITED (OUR "COMPANY" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 205 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM Of RS. 195 PER EQUITY SHARE) AGGREGATING TO RS. 6,006.50 MILLION ("ISSUE"). THE ISSUE WOULD CONSTITUTE 34.90% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

THE ISSUE PRICE: RS. 205 PER EQUITY SHARE
THE ISSUE PRICE IS 20.5 TIMES OF THE FACE VALUE

Risks to Investors:

i.  Inga Capital Private Limited, one of the BRLMs, associated with the Issue has handled 3 public issues in the past 3 years, out of which 1 issue closed below the issue price on listing date. Investec Capital Services (India) Private Limited and Srei Capital Markets Limited, other BRLMs associated with the Issue have not handled any public issues of equity shares in the past 3 years.

ii. The Price/Earnings ratio based on diluted EPS for Fiscal 2017 for the Issuer at the upper end of the Price band is Not Measurable (since EPS is negative) as compared to the average industry peer group PE ratio of 11.60.

iii. The weighted average return on Net Worth for Fiscals 2017, 2016 and 2015 is negative. On consolidated basis it is (159.46%) and on standalone basis it is (7.29%).

BID/ISSUE PROGRAMME:
BID/ISSUE OPENED ON WEDNESDAY, SEPTEMBER 6, 2017
BID/ISSUE CLOSED ON FRIDAY, SEPTEMBER 8, 2017

This Issue was being undertaken in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") wherein the Issue constitutes 34.90% of the post-Issue paid up Equity Share capital of our Company. The Issue was made through the Book Building Process in accordance with Regulation 26(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBl ICDR Regulations"), wherein at least 75.00% of the issue was Allotted on a proportionate basis to Qualified Institutional Buyers ("QIBs"). The QIB Portion was made available for allocation on a proportionate basis to QIBs, including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. However, if the aggregate demand from Mutual Funds was less than 5.00% of the Net QIB Portion, the balance Equity Shares avaiable for allocation in the Mutual Fund Portion was added to the remaining Net QIB Portion for proportionate allocation to QIBs. If at least 75.00% of the Issue cannot be Allotted to QIBs,  all the application monies will be refunded / unblocked forthwith. Further, not more than 15.00% of the Issue was made available for allocation on a proportionate basis to Non Institutional Bidders and not more than 10.00% of the Issue was made available for allocation to Retail Individual Bidders in accordance with the SEBl ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. All Bidders other than Anchor Investors, were mandatorily required to participate in the Issue through the Applications Supported by Blocked Amount ("ASBA") process by providing the details of their respective bank accounts in which the corresponding Bid Amount was blocked by the SCSBs Anchor Investors were not permittes to participate in the Issue through the ASBA process. For details, please refer to the chapter "Issue Procedure" at page 378 of the Prospectus.

The Issue receded 188,606 Applications for 45,935,323 Equity Shares (before technical rejections) resulting at 1.57 times subscription. The details of the Applications received in the Issue from various categories are as under (Before technical rejections):

Sr. 
No.
Category No. of
Applications
No. of
Equity Shares
No. of times
Subscribed
Amount
(Rs.)
Shares
Reserved
A Retail individual Bidders 188,431 15,698,942 5.36 3,218,555,484.00 2,930,000
B Non Instituonal Bidders 152 4,742,956 1.08 972,247,580.00 4,395,000
C QIBs* 23 25,493,425 1.16 5,226,152,125.00 21,975,000
   Total 188,606 45,935,323 1.57 9,416,955,189,00 29,300,000

* Our Company, in consultation with the Book Running Lead Managers (except SCML), passed a resolution dated September 5, 2017 to not consider participation by Anchor Investors in the Issue

Final Demand

A summary of the final demand as per the BSE and the NSE as on the Bid/Issue Closing Date at different Bid prices is as under:

SI. No. Bid Price No. of Equity Shares (%) to Total Cumulative Total Cumulative % of Total
1 195 117,457 0.22 117,457 0.22
2 196 8,760 0.02 126,217 0.24
3 197 6,059 0.01 132,276 0.25
4 198 6,278 0.01 138,554 0.26
5 199 4,818 0 01 143,372 0.27
6 200 60,736 0.11 204,108 0.38
7 201 5,329 0.01 209,437 0.39
8 202 4,015 0.01 213,452 0.40
9 203 12,556 0.02 226,008 0.42
10 204 13,505 0.03 239,513 0.45
11 205 39,056,825 73.25 39,296,338 73.70
12 CUTOFF 14,022,789 26.30 53,319,127 100.00
TOTAL 53,319,127 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on September 13, 2017.

A. Allotment to Retail Individual Investors (After Technical Rejections) (including ASB A Applications)
The Basis of Allotment to the Retail Individual Investors, who have Bid at Cut-off Price or at the Issue Price of Rs. 205 per Equity Share was finalized in consultation with BSE. This category has been subscribed to the extent of 5.22 times. The total number of Equity Shares Allotted in the category is 2,930,000 Equity Shares to 40,136 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of %
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
 

Ratio

Total No. of
Equity Shares
Allotted
73 174,670 94.91 12,750,910 83.37 73 41 : 188 2,780,716
146 5,239 2.85 764,894 5.00 73 41 : 188 83,439
219 1,497 0.81 327,843 2.14 73 41 : 188 23,798
292 555 0.30 162,060 1.06 73 41 : 188 8,833
365 582 0.32 212,430 1.39 73 41 : 188 9,271
438 308 0.17 134,904 0.88 73 67 : 308 4,891
511 232 0.13 118,552 0.78 73 51 : 232 3,723
584 72 0.04 42,048 0.27 73 2 : 9 1,168
657 36 0.02 23,652 0.15 73 2 : 9 584
730 196 0.11 413,080 0.94 73 43 : 196 3,139
803 24 0.01 19,272 0.13 73 5 : 24 365
876 43 0.02 37,668 0.25 73 9 : 43 657
949 587 0.32 557,063 3.64 73 41 :188 9,344
1 additional Equity Share shall be allotted to 72 allottees from amongst 2044 successful applicants from the categories 146 to 946 (i.e. excluding successful applicants from category 73)in the ratio af 18:511 1 18 : 511 72
TOTAL 184,041 100.00 15,294,376 100.00 2,930,000

B. Allotment to Non Institutional Investors (After Technical Rejections) (including ASBA Applications) (sample)
The Base of Allotment to the Non-Institutional Investors, who have Bid at the Issue Pnce of Rs. 205 per Equity Share was finalized in consultation with the BSE. This category has been subscribed to the extent of 1.05 times. The total number of Equity Shares Allotted in the category is 4,395,000 Equity Shares to 147 successful applicants.

The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% of
Total
Total No. Of
Equity Shares
applied
%to Total No. of Equity
Shares Allotted
per Applicant
Ratio Total No. Of
Equity Shares
Allotted
1,022 68 46.26 69,496 1.50 970 1 : 1 65,960
1,095 7 4.76 7,665 0.17 1,039 1 : 1 7,273
1,168 2 1.36 2,336 0.05 1,108 1 : 1 2,216
1,460 6 4.08 8,760 0.19 1,385 1 : 1 8,310
1,606 2 1.36 3,212 0.07 1,524 1 : 1 3,048
1,825 2 1.36 3,650 0.08 1,732 1 : 1 3,464
1,971 1 0.68 1,971 0.04 1,870 1 : 1 1,870
2,190 2 1.36 4,380 0.09 2,078 1 : 1 4,156
2,409 4 2.72 9,636 0.21 2,286 1 : 1 9,144
2,555 1 0.68 2,555 0.06 2,424 1 : 1 2,424
2,920 1 0.68 2,920 0.06 2,771 1 : 1 2,771
3,650 2 1.36 7,300 0.16 3,463 1 : 1 6,926
3,723 1 0.68 3,723 0.08 3,533 1 : 1 3,533
4,015 1 0.68 4,015 0.09 3,810 1 : 1 3,810
4,380 1 0.68 4,380 0.09 4,156 1 : 1 4,156
4,818 2 1.36 9,636 0.21 4,571 1 : 1 9,142
4,891 1 0.68 4,891 0.11 4,641 1 : 1 4,641
5,110 3 2.04 15,330 0.33 4,849 1 : 1 14,547
6,570 1 0.68 6,570 0.14 6,234 1 : 1 6,234
7,300 2 1.36 14,600 0.32 6,926 1 : 1 13,852
9,125 1 0.68 9,125 0.20 8,658 1 : 1 8,658
9,709 1 0.68 9,709 0.21 9,212 1 : 1 9,212
10,001 1 0.68 10,001 0.22 9,489 1 : 1 9,489
10,220 1 0.68 10,220 0.22 9,697 1 : 1 9,697
12,191 1 0.68 12,191 0.26 11,567 1 : 1 11,567
14,600 4 2.72 58,400 1.26 13,853 1 : 1 55,412
14,965 2 1.36 29,930 0.65 14,199 1 : 1 28,398
16,060 1 0.68 16,060 0.35 15,238 1 : 1 15,238
16,571 1 0.68 16,571 0.36 15,723 1 : 1 15,723
17,009 1 0.68 17,009 0.37 16,139 1 : 1 16,139
18,031 1 0.68 18,031 0.39 17,108 1 : 1 17,108
19,491 1 0.68 19,491 0.42 18,494 1 : 1 18,494
24,382 1 0.68 24,382 0.53 23,134 1 : 1 23,134
24,966 1 0.68 24,966 0.54 23,689 1 : 1 23,689
25,112 1 0.68 25,112 0.54 23,827 1 : 1 23,827
30,733 1 0.68 30,733 0.66 29,161 1 : 1 29,161
35,916 1 0.68 35,916 0.78 34,078 1 : 1 34,078
38,398 1 0.68 38,398 0.83 36,433 1 : 1 36,433
48,764 1 0.68 48,764 1.05 46,269 1 : 1 46,269
58,473 1 0.68 58,473 1.26 55,481 1 : 1 55,481
73,000 1 0.68 73,000 1.58 69,265 1 : 1 69,265
73,146 1 0.68 73,146 1.58 69,403 1 : 1 69,403
75,196 1 0.68 75,190 1.62 71,343 1 : 1 71,343
80,008 1 0.68 80,008 1.73 75,914 1 : 1 75,914
97,455 1 0.68 97,455 2.10 92,469 1 : 1 92,469
98,039 1 0.68 98,039 2.12 93,023 1 : 1 93,023
99,937 1 0.68 99,937 2.16 94,824 1 : 1 94,824
109,792 1 0.68 109,792 2.37 104,174 1 : 1 104,174
132,130 1 0.68 132,130 2.85 125,370 1 : 1 125,370
160,600 1 0.68 160,600 3.47 152,383 1 : 1 152,383
243,893 1 0.68 243,893 5.27 231,414 1 : 1 231,414
249,222 1 0.68 249,222 5.38 236,471 1 : 1 236,471
2,439,076 1 0.68 2,439,076 52.66 2,314,263 1 : 1 2,314,263
TOTAL 147 100.00 4,631,996 100.00 4,395,000

C. Allotment to QIBs (After Technical Rejections)

The Basis of Allotment to QIBs who have Bid at the Issue Price of Rs. 205 per Equity Share has been done on a proportionate basis in consultation with the BSE. This category has been subscribed to the extent of 1.16 times of the QIB Portion. As per the SEBl ICDR Regulations, Mutual Funds were Allocated 5% of the Equity Shares of QIB Portion available i.e.1,098,750 Equity Shares and other QIBs, including Mutual Funds, were Allocated the remaining available 20,876,250 on proportionate basis The total number of Equity Shares allotted in the QIB category is 21,975,000 Equity Shares, which were allotted to 23 successful Bidders The category-wise details of the Basis of Allotment are as under:

Category FIs/Banks Flls IC MFs OTH Total
QIB 4,747,566 7,340,687 125,192 4,960,201 4,801,354 21,975,000

The Board of Directors of the Company at its meeting held on September 14, 2017, has approved the Basis of Allotment of the Equity Share approved by the Designated Stock Exchange, being BSE and Allotted the Equity Shares to various successful Bidders.
The Allotment Advice-cum-Refund Intimations are being dispatched to the address of the investors as registered with the depositories. Further, instructions to the Self Certified Syndicate Banks for unblocking of funds and transfer of monies to the Public Issue Account, as applicable have been issued on September 14, 2017 and payment instructions to non-Syndicate brokers have been issued on September 14, 2017 The Equrty Shares Allotted to the successful Applicants have been credited on September 14, 2017 to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the unblocking of funds or credit of shares is not received within six working days, investors may contact the Registrar to the Issue at the address given below. The Company has filed the Listing application with NSE and BSE on September 14, 2017 and the trading will commence on September 18, 2017.

Note:  All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at  www.karvycomputershare.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting ful name of the First/Sole Bidder Serial number of the Bid cum Application Form, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

KARVY COMPUTERSHARE PRIVATE LIMITED
Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda,.Hyderabad - 500 032, Telangana, India.
Tel: +91 40 6716 2222; Fax: +91 40 2343 1551; E-mail: brnl.ipo@karvy.com;
Investor Grievance E-mail: einward.ris@karvy.com; Website: www.karvycomputershare.com;
Contact Person: Mr.Murali Krishna M; SEBl Regn. No: INR000000221

Place : Kolkata
Date  : September 15, 2017
For BHARAT ROAD NETWORK LIMITED
On behalf of the Board of Directors
Sd/-
Chief Financial Officer, Company Secretary & Compliance Offcer

Bharat Road Network IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Bharat Road Network IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Bharat Road Network IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).
  2. 2. What is Bharat Road Network IPO basis of allotment status?

    The Bharat Road Network IPO basis of allotment (published above) tells you how shares are allocated to you in Bharat Road Network IPO and category wise demand of IPO share.

    Visit the Bharat Road Network IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Bharat Road Network IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Bharat Road Network IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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