Brigade Enterprises moves north on fund raising proposal

Brigade Enterprises was up 1.8% to Rs 243.25 at 10:57 IST on BSE after the company said its board meeting is scheduled on 25 April 2017, to consider proposal for fund raising.

The announcement was made after market hours yesterday, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 66.34 points or 0.23% at 29,488.73.

On the BSE, 2,415 shares were traded on the counter so far as against the average daily volumes of 40,034 shares in the past one quarter. The stock had hit a high of Rs 245 and a low of Rs 241.45 so far during the day.

The stock had hit a 52-week high of Rs 252.00 on 17 April 2017 and a 52-week low of Rs 145.00 on 26 December 2016. It had outperformed the market over the past one month till 20 April 2017, advancing 4.34% compared with the Sensex's 0.33% fall. The scrip had also outperformed the market over the past one quarter, gaining 55.57% as against the Sensex's 8.83% rise.

The small-cap company has equity capital of Rs 113.66 crore. Face value per share is Rs 10.

Brigade Enterprises' board will discuss the current state of the real estate industry and explore fund raising options by way of a Global Depository Receipts, American Depository Receipts or public issue or private placement or rights issue or preferential allotment or qualified institutional placement or any other permitted mode, through domestic and/or international offerings as may be permitted under applicable law, subject to such approvals as may be required, and to approve ancillary actions for the aforesaid fund raising.

Brigade Enterprises' consolidated net profit declined 12.4% to Rs 30.41 crore on 14.5% fall in net sales to Rs 537.61 crore in Q3 December 2016 over Q3 December 2015.

Brigade Enterprises is Brigade group's flagship company. Brigade group was established in 1986, with property development as its main focus.

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