Bharat Road Network gains 7% after listing flat
18/09/2017
Bharat Road Network, a Srei Infrastructure Finance initiative, made a quite debut on the Bombay Stock Exchange at Rs 204.90, right at its initial public offer (IPO) price of Rs 205 per share, in otherwise strong market conditions. The shares of the company, which had got overwhelming response for its initial public offering, listed flat at Rs 205.00 on the National Stock Exchange. However, the company’s shares gained some momentum in late morning deal and rose as much as 6.70 per cent to trade at Rs 218.65. In the day’s trade so far, stocks hits intra-day high and low of Rs 218.65 and Rs 196.50, respectively. In a similar fashion, stocks of company were trading 1.98 per cent higher at Rs 209.05 apiece on the National Stock Exchange. “The equity shares of Bharat Road Network Ltd (Scrip Code: 540700) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities,” said the company in a filing to the Bombay Stock Exchange. The IPO, which was opened for public subscription from September 6-8, had fixed a price band of Rs 195-205 per equity share. The company intends to use net proceeding from the issue towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary, STPL, for part financing of the STPL Project among others. INGA Capital, Investec Capital Services and Srei Capital Markets will manage the IPO. Meanwhile, the broader benchmark BSE Sensex was trading at 32,477.44, up 204.83 points, or 0.63 per cent, at 12:30 hours.
18/09/2017
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Bharat Road Network, a Srei Infrastructure Finance initiative, made a quite debut on the Bombay Stock Exchange at Rs 204.90, right at its initial public offer (IPO) price of Rs 205 per share, in otherwise strong market conditions. The shares of the company, which had got overwhelming response for its initial public offering, listed flat at Rs 205.00 on the National Stock Exchange. However, the company’s shares gained some momentum in late morning deal and rose as much as 6.70 per cent to trade at Rs 218.65. In the day’s trade so far, stocks hits intra-day high and low of Rs 218.65 and Rs 196.50, respectively. In a similar fashion, stocks of company were trading 1.98 per cent higher at Rs 209.05 apiece on the National Stock Exchange. “The equity shares of Bharat Road Network Ltd (Scrip Code: 540700) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities,” said the company in a filing to the Bombay Stock Exchange. The IPO, which was opened for public subscription from September 6-8, had fixed a price band of Rs 195-205 per equity share. The company intends to use net proceeding from the issue towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary, STPL, for part financing of the STPL Project among others. INGA Capital, Investec Capital Services and Srei Capital Markets will manage the IPO. Meanwhile, the broader benchmark BSE Sensex was trading at 32,477.44, up 204.83 points, or 0.63 per cent, at 12:30 hours.
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