The Hyderabad-based BSCPL Infrastructure proposes to raise Rs 650 crore (US$121 million) through a public issue; for which it has filed draft red herring prospectus (DRHP) with the SEBI.

The issue consists of a fresh issue of Rs 350 crore (US$65.2 million) by the company and an offer for sale of Rs 300 crore (US$56 million) by current shareholders New Vernon Private Equity limited (11.41 %), Tattersalls Limited (1.91 %), Tiger Veda Bharat (3.8 %), LB India Holdings Mauritius II Limited (2.95 %), and L&T Infrastructure Finance Company Limited (4.22 %). Promoters hold a 65.15 % stake in the company. Other shareholders not selling are Amansa Holdings Private Limited which holds 1.76 percent stake and IDFC wth 1.76 percent in the company.

The company proposes to utilise the funds for the construction and development of BOT Projects and for partial repayment of an ICICI Facility of Rs 150 crore (US$28 million).

BSCPL Infrastructure announced consolidated net profit of Rs 54.04 crore (US$10 million) on total income of Rs 1,236.65 crore (US$230 million) for the period of six months ending September 30, 2012.

The projects subject to funding with proceedings from the IPO are the six BOT projects that the company has under development: Simhapuri Expressway Limited, BSCPL Aurang Tollway Limited, BSCPL Godhra Tollways Limited, North Bihar Highway Limited and Mokama-Munger Highway Limited are under development.

As of December 31, 2012, the company completed two (road) BOT projects through joint ventures, namely the Jaipur-Kishangarh Project and the Kurali-Kiratpur Project.

JM Financial Institutional Securities Private Limited and Axis Capital Limited are the book running lead managers to the issue.