Brigade Enterprises to raise up to Rs 500 cr via QIP

Realty firm Brigade Enterprises plans to raise up to Rs 500 crore through private placement of shares to institutional investors for future growth of the company.
In a BSE filing, the Bengaluru-based developer informed that the board "approved the raising of up to Rs 500 crore by way of Qualified Institutional Placement (QIP)."
The opening of the issue, fixation of issue price, closing of the issue and allotment of equity shares will be done by the committee of directors of the company, it added.
In August last year, the company's shareholders had approved the proposal to raise up to Rs 500 crore through issue of securities.

The company's share price today closed 4.22 per cent higher at Rs 254.30 apiece on BSE.