Brigade Enterprises Raises ₹1,500 Crore Through QIP, Shares Allotted to Goldman Sachs and Others
Bengaluru-based real estate developer Brigade Enterprises raises ₹1,500 crore through institutional share sale, days after Prestige Estates raises ₹5,000 crore.
Brigade EnterprisesQipGoldman SachsSmallcap World FundReal EstateReal EstateSep 06, 2024
The company has approved the allotment of 1.3 crore equity shares to eligible Qualified Institutional Buyers at an issue price of ₹1,150 per share, which is a 1.3% discount to the floor price of ₹1,164.7 per share.
Among the prominent investors who have been issued a substantial portion of the shares on offer through the QIP include ICICI Prudential MF, Kotak MF, Nippon MF, Franklin India MF, Smallcap World Fund, SBI MF, Axis MF, and Goldman Sachs.
The paid-up equity share capital of Brigade Enterprises has increased to ₹244.2 crore, comprising of 24.42 crore shares with a face value of ₹10 each.
In an earlier interaction, Pavitra Shankar of Brigade Enterprises had mentioned that the company will invest ₹8,000 crore in Chennai to build spaces worth 15 million square feet, making Chennai the company's second-largest market. The company had also earmarked up to ₹1,500 crore for acquisition of land banks this fiscal year, which is the same amount raised through this QIP.
Promoters of Brigade Enterprises held a 43.72% stake in the company at the end of the June quarter.
Shares of Brigade Enterprises ended 2.7% higher on Thursday at ₹1,303.3, with the stock rising 45% so far in 2024.
About Brigade Enterprises
Brigade Enterprises is a leading real estate developer based in Bengaluru, India. The company has a diverse portfolio of projects, including residential, commercial, and hospitality developments.
About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities, and investment management firm. The company has a significant presence in India and has invested in various Indian companies through its funds.
About Smallcap World Fund
Smallcap World Fund is a global investment fund that focuses on investing in small-cap companies across the world. The fund has invested in various Indian companies, including Brigade Enterprises.
Frequently Asked Questions
What is the amount raised by Brigade Enterprises through QIP?
₹1,500 crore
Who are the prominent investors in Brigade Enterprises' QIP?
ICICI Prudential MF, Kotak MF, Nippon MF, Franklin India MF, Smallcap World Fund, SBI MF, Axis MF, and Goldman Sachs
What is the face value of Brigade Enterprises' equity shares?
₹10
What is the stake of promoters in Brigade Enterprises?
43.72%
What is the current market price of Brigade Enterprises' shares?
₹1,303.3
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