Brigade Enterprises up 5% after launching Rs 1,500 crore QIP

Brigade Enterprises launched a Rs 1,500-QIP after market hours on Monday

Brigade Enterprises shares gained as much as 4.8 per cent on Tuesday (September 3), after the company launched its qualified institutional placement (QIP) post market hours on Monday.

"The Committee of Directors has, at its meeting held on September 2, 2024, passed resolutions for the following: a. Authorising the opening of the Issue today, i.e. September 2, 2024; b. Approving and adopting the preliminary placement document dated September 2, 2024 and format of the application form, in connection with the Issue; and c. Approving the floor price for the Issue, being Rs 1,164.70 per Equity Share, (Floor Price)," the company's exchange filing stated.

In a filing dated February 6, the company had proposed to raise Rs 1,500 crore without deciding on the mode of fundraising. Later, on March 22, the company had sought the board's approval to raise funds via a QIP.

Companies raise capital via the QIP route by issuing equity shares or convertible debentures.

As of 9:37 AM, shares of Brigade Enterprises climbed 2.74 per cent or Rs 34, to trade at Rs 1273.8. The market capitalisation of the company at around the same time stood at Rs 29,447.83 crore.

Brigade Enterprises Q1FY25 result

Realty player Brigade Group reported a consolidated net profit of Rs 81 crore in the first quarter of fiscal 2025. The company's profit increased 285.7 per cent from the corresponding quarter in the previous year. 

Meanwhile, the company's revenue for the quarter stood at Rs 1,113 crore in Q1FY25, compared to Rs 685 crore in Q1FY24. Pre-sales bookings in the real estate segment for the period stood at 1.15 million square feet, with a sale value of Rs 1,086 crore.

Brigade caters to three major segments, residential properties, offices, retail and hotels. The developer is present across cities such as Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.

Brigade Enterprises' share price history

In the past one year, shares of Brigade Enterprises have gained 102.6 per cent, compared to BSE Sensex's rise of 26.2 per cent.