Brigade Enterprises to Raise Rs 1,500 Crore for Expansion

Bengaluru-based Brigade Enterprises plans to raise up to Rs 1,500 crore by selling equity shares to institutional investors. The company launched its Qualified Institutional Placement (QIP) issue to raise these funds. The market capitalisation of the company stands at over Rs 28,000 crore as of Monday’s closing.

In a strategic move to expand its business, Bengaluru-based real estate developer Brigade Enterprises has announced plans to raise up to Rs 1,500 crore through equity sales to institutional investors.

The company initiated its Qualified Institutional Placement (QIP) issue on September 2. According to a regulatory filing on Monday, the company's director committee authorized the QIP's opening and approved a floor price of Rs 1,164.70 per equity share. By Monday, Brigade Enterprises' shares had closed at Rs 1,239.80 on the BSE, pushing its market capitalization past Rs 28,000 crore.

Earlier in March, shareholders had approved raising funds through securities up to Rs 1,500 crore. Brigade Enterprises, a prominent player in South India's real estate market, reported a more than two-fold rise in net profit for the June quarter, standing at Rs 83.72 crore compared to Rs 38.53 crore in the same period last year. Its total income for the quarter also surged to Rs 1,113.44 crore, up from Rs 685.43 crore in the previous year.

(With inputs from agencies.)