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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') 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 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. BID/ISSUE PROGRAMME: 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.
* 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:
The Basis of Allotment was finalized in consultation with the Designated Stock
Exchange, being BSE on September 13, 2017.
B. Allotment to Non Institutional Investors (After Technical Rejections)
(including ASBA Applications) (sample) The category-wise details of the Basis of Allotment are as under:
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:
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. 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
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The IPO allocation is based on the subscription level and the investor category.
Refer to IPO allotment rules and methods for more details.
See the basis of allotment document above to know how the shares are allocated in Bharat Road Network IPO .
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.
In Bharat Road Network IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.
For more information, please refer to IPO Allotment Process and Basis of Allotment.
Check the Bharat Road Network IPO basis of allotment document to know how the shares are allocated in Bharat Road Network IPO.
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