Srei group is offloading 35% stake by listing its toll-road special purpose vehicle, Bharat Road Network (BRNL). Out of post issue capital base of 8.39 crore shares, BRNL is issuing 2.93 crores to outsiders including qualified institutions and anchor investors. The Solapur Tollways project is for augmenting by four-laning of the Solapur to Maharashtra/ Karnataka border section of National Highway-9 from km 249 to km 348.80. The identified SPVs where BRNL would be reinvesting debt are Kurukshetra Expressway Pvt Ltd and Mahakaleshwar Tollways Pvt Ltd. The Mahakaleshwar Tollways project involves four-laning of Indore-Ujjain Road on State Highway -27.

Source: dna February 20, 2017 01:41 UTC