Brigade Enterprises informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,164.70 per share.
The company's board authorized and declared the opening of the issue on Monday, 2 September 2024.The floor price of Rs 1,164.70 is at a discount of 6.45% to the previous day's closing price of Rs 1,239.80 on the BSE.
The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.
Brigade Enterprises is one of Indias leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.
The companys consolidated net profit surged 117.29% of Rs 83.72 crore in Q1 FY25 as compared with Rs 38.53 crore reported in Q1 FY24. Revenue from operation jumped 64.8% year on year (YoY) to Rs 1,077.72 crore in the quarter ended 30 June 2024.
Shares of Brigade Enterprises rose 3.24% to currently trade at Rs 1,246.20 on the BSE.
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