Incorporated in 2006, BRNL is a BOT company focused on development, operation & maintenance of road projects. Currently, it has six BOT projects. Out of these, five are complete/partially complete. Residual concession period for its BOT projects is 18.5 years. Key concerns for BRNL:- i) all subsidiaries, associates companies made losses in last two years ii) delay in project construction may lead to cost overrun for under construction/new projects and ii) it has pledged a portion of its shares in subsidiaries and associates. In terms of IPO, BRNL is looking to raise...