Brigade Enterprises Aims to Raise ₹1,500 Crore Through New Share Sale—Here’s What You Need to Know

Bengaluru-based real estate giant Brigade Enterprises has announced plans to raise up to ₹1,500 crore by selling shares to institutional investors. This fundraising effort is part of their strategy to expand their business. On September 2, the company launched a Qualified Institutional Placement (QIP) issue to raise the funds.

In a regulatory filing, Brigade Enterprises stated that a committee of directors approved the opening of the QIP issue on Monday. The committee also set the floor price for the QIP issue at ₹1,164.70 per share.

On the Bombay Stock Exchange (BSE), the company’s stock closed at ₹1,239.80 per share. At this closing price, Brigade Enterprises’ market value stood at over ₹28,000 crore.

Back in March, Brigade Enterprises received approval from its shareholders to raise up to ₹1,500 crore through the sale of securities. The company is a leading real estate developer in India, particularly strong in South India.

Last month, Brigade Enterprises reported a significant increase in profit, more than doubling its consolidated net profit to ₹83.72 crore for the June quarter of the current fiscal year, compared to ₹38.53 crore in the same period last year. The company’s total income also increased, rising to ₹1,113.44 crore from ₹685.43 crore during the same period last year.