Brigade Enterprises raises Rs 1,500 crore by selling shares via QIP

Bengaluru-based Brigade Enterprises has raised Rs 1,500 crore by selling equity shares to institutional investors as part of its strategy to expand business.

The company on September 2 launched its qualified institutional placement (QIP) issue to raise funds. The issue closed on September 5. In a regulatory filing on Friday, Brigade Enterprises said a committee of directors approved the allotment of 1,30,43,478 equity shares to eligible qualified institutional buyers.

The shares were allotted at an issue price of Rs 1,150 per equity share. Hence, the company raised Rs 1,500 crore through the QIP route. The shares were issued at a discount of 1.26 per cent of the floor price of Rs 1,164.70 per equity share. In March, Brigade Enterprises had taken shareholders' approval to raise funds through the issue of securities up to Rs 1,500 crore.

Brigade Enterprises is one of the leading real estate developers in the country with a significant presence in south India. Last month, Brigade Enterprises reported a more than two-fold jump in consolidated net profit to Rs 83.72 crore for the June quarter of the current fiscal year. Its net profit stood at Rs 38.53 crore in the year-ago period.

The company's total income rose to Rs 1,113.44 crore during the April-June period in the current fiscal year from Rs 685.43 crore in the corresponding period of the previous year.