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 |
|