Brigade Enterprises Raises ₹1,500 Crore via QIP, Shares Allotted to Goldman Sachs, Smallcap World Fund
Bengaluru-based real estate developer Brigade Enterprises Ltd. has successfully raised ₹1,500 crore through its Qualified Institutional Placement (QIP).
Brigade EnterprisesQipGoldman SachsSmallcap World FundReal EstateReal Estate NewsSep 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.
The QIP was launched on September 2, and among those who have been issued a substantial portion of the shares on offer include ICICI Prudential MF, Kotak MF, Nippon MF, Franklin India MF, Smallcap World Fund, SBI MF, Axis MF, and Goldman Sachs.
Post the allotment of these shares, the paid-up equity share capital of Brigade Enterprises increases to ₹244.2 crore, comprising of 24.42 crore shares which have a face value of ₹10 each.
In an interaction with CNBC-TV18 on June 12, Pavitra Shankar of Brigade Enterprises had said that the company will invest ₹8,000 crore in Chennai to build spaces worth 15 million square feet. She added that Chennai will become Brigade's second-largest market.
Shankar had mentioned that the company has earmarked up to ₹1,500 crore for acquisition of land banks this fiscal year, which incidentally is the sum that the company has 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. The stock has risen 45% so far in 2024.
About Brigade Enterprises
Brigade Enterprises is a leading real estate developer in India, with a strong presence in Bengaluru, Chennai, and other cities. The company has a diversified portfolio of residential, commercial, and hospitality projects.
About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities, and investment management firm. The company provides a range of financial services to corporations, financial institutions, governments, and individuals.
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 is managed by a team of experienced investment professionals who have a strong track record of delivering returns to investors.
Keywords Brigade Enterprises, QIP, Goldman Sachs, Smallcap World Fund, real estate, India, Bengaluru, Chennai, investment, shares, stock market
FAQs
Q What is the amount raised by Brigade Enterprises through its QIP?
A ₹1,500 crore
Q Who are the major investors in Brigade Enterprises' QIP?
A ICICI Prudential MF, Kotak MF, Nippon MF, Franklin India MF, Smallcap World Fund, SBI MF, Axis MF, and Goldman Sachs
Q What is the face value of Brigade Enterprises' shares?
A ₹10
Q How much will Brigade Enterprises invest in Chennai?
A ₹8,000 crore
Q What is the promoter stake in Brigade Enterprises?
A 43.72%
Frequently Asked Questions
What is the amount raised by Brigade Enterprises through its QIP?
₹1,500 crore
Who are the major 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' shares?
₹10
How much will Brigade Enterprises invest in Chennai?
₹8,000 crore
What is the promoter stake in Brigade Enterprises?
43.72%
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