Brigade Enterprises has soared over 8% at Rs 52.75 on back of huge volumes after the company said it has signed a joint venture deal with Government of Singapore.
“Brigade Group and Government of Singapore Investment Corporation Pte Limited (GIC), through its affiliate, Reco Begonia, have entered into 51:49 private equity (PE) partnership through Special Purpose Vehicle (SPV) for the development of a residential projects in Bangalore,” Brigade Enterprises said in a filing.
“The company is going to invest Rs 100 crore in the SPV with GIC as partner, expected revenues of Rs 700 crore in next 3-4 years,” it added.
The stock opened at Rs 50 and hit a high of Rs 54.35 on National Stock Exchange. A combined 347,753 shares have already changed hands on the counter till early noon trades, as against an average of less than 50,000 shares that were traded daily in past two weeks.
