New Delhi: Brigade Enterprises, a company based in Bengaluru, intends to raise a maximum of Rs 1,500 crore through the sale of equity shares to institutional investors to support its growth plans. On September 2, the company initiated its Qualified Institutional Placement (QIP) issue in order to generate funds.
In a regulatory filing made on Monday night, Brigade Enterprises announced that a committee of directors had approved the commencement of the QIP Issue on the same day. The panel has also sanctioned the minimum price for the QIP offering at Rs 1,164.70 per share of stock. The BSE saw the company's share price end at Rs 1,239.80 per share. At Monday's closing price, it had a market capitalisation of over Rs 28,000 crore.
In March, Brigade Enterprises received shareholders' approval to raise funds through the issuance of securities up to Rs 1,500 crore. Brigade Enterprises is among the top real estate developers in the nation with a prominent presence in Southern India.
Brigade Enterprises' consolidated net profit increased more than two times to Rs 83.72 crore in the June quarter of the current fiscal year, as reported last month. In the previous year, it recorded a net profit of Rs 38.53 crore. Income increased to Rs 1,113.44 crore in April-June FY25 from Rs 685.43 crore in the same period of the previous year.
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