Brigade Enterprises Raises Rs 1,500 Crore Through QIP to Fuel Expansion

Bengaluru-based Brigade Enterprises has raised Rs 1,500 crore by selling equity shares through a qualified institutional placement (QIP) to institutional investors. The funds will be used to support the company's expansion plans. Major investors include ICICI Prudential, Kotak, and Goldman Sachs. The shares were issued at a slight discount.

Bengaluru's Brigade Enterprises has successfully raised Rs 1,500 crore by selling equity shares to institutional investors. This move is a strategic step to expand their business footprint.

The company initiated its qualified institutional placement (QIP) issue on September 2, closing the issue by September 5. A regulatory filing on Friday confirmed that a committee of directors approved the allotment of 1,30,43,478 equity shares to eligible qualified institutional buyers.

The shares were sold at an issue price of Rs 1,150 each, raising Rs 1,500 crore through the QIP. Esteemed investors such as ICICI Prudential, Kotak, and Goldman Sachs participated in the offering. The shares were issued at a 1.26% discount to the floor price of Rs 1,164.70 per share.

Earlier this year in March, shareholders had approved the fund-raising plan via securities issuance up to Rs 1,500 crore. Brigade Enterprises, a prominent real estate developer with a stronghold in South India, reported a more than two-fold increase in consolidated net profit to Rs 83.72 crore in the June quarter of the ongoing fiscal year.

(With inputs from agencies.)