Srei Infrastructure Finance gained 2.4% to Rs 121.75 at 12:39 IST on BSE after the company said that Bharat Road Network has received the approval from registrar for its initial public offer.
The announcement was made after market hours yesterday, 23 August 2017.Meanwhile, the S&P BSE Sensex was up 54.31 points or 0.17% at 31,622.32. The S&P BSE Mid-Cap index was up 91.19 points or 0.6% at 15,222.57.
On the BSE, 1.14 lakh shares were traded on the counter so far as against the average daily volumes of 3.02 lakh shares in the past one quarter. The stock had hit a high of Rs 123.65 and a low of Rs 121.10 so far during the day. The stock had hit a 52-week high of Rs 137.70 on 21 July 2017 and a 52-week low of Rs 63.05 on 29 September 2016.
The stock had underperformed the market over the past one month till 23 August 2017, falling 7.61% compared with 1.44% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 18.54% as against Sensex's 3.96% rise. The scrip had outperformed the market in past one year, surging 57.59% as against Sensex's 12.78% rise.
The mid-cap company has equity capital of Rs 503.09 crore. Face value per share is Rs 10.
SREI Infrastructure Finance said that Bharat Road Network (BRNL) has received the approval from Registrar of Companies, West Bengal on 23 August 2017 in regard to the Red Herring Prospectus filed by BRNL. The initial public offer (IPO) will open for subscription on 6 September 2017 and shall close on 8 September 2017.
SREI Infrastructure Finance's consolidated net profit rose 48% to Rs 76.32 crore on 5.5% rise in total income to Rs 1191.32 crore in Q1 June 2017 over Q1 June 2016.
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SREI Infrastructure Finance is a leading integrated infrastructure financing conglomerate in India. The company's businesses include infrastructure finance, advisory and development, infrastructure equipment finance, alternative investment funds, capital markets and insurance broking.
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