Brigade Enterprises, a flagship company of Brigade Group, announced that it has raised about Rs 500 crore through private placement of its shares to institutional investors.
Reportedly, the proposal to raise Rs 500 crore through issue of securities had come which was approved by the company’s shareholders in last August. On that note, the qualified institutional placement (QIP) was issued on April 25 by Brigade Enterprises wherein more than 40 investors including Kotak Funds, Kuwait Investment Authority Fund, HSBC fund, BNP Paribas Arbitrage, Kotak Mahindra, ICICI Prudential, Max Life Insurance Company, Sundaram Mutual Fund, Franklin India and Government Pension Fund Global had participated. The issue was closed on April 28.
The committee of directors has approved a total of 2,19,78,021 equity shares which were allotted to qualified institutional buyers at Rs 227.50 apiece during QIP issue. Currently, the company’s share price is down 0.33 per cent and closed at Rs 244 apiece on the BSE Sensex.
Source: ET Realty