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Brigade Enterprises Ltd.

BSE: 532929 Sector: Infrastructure
NSE: BRIGADE ISIN Code: INE791I01019
BSE 00:00 | 03 Apr 130.55 -5.15
(-3.80%)
OPEN

138.00

HIGH

138.10

LOW

126.15

NSE 00:00 | 03 Apr 130.10 -7.30
(-5.31%)
OPEN

148.60

HIGH

148.60

LOW

126.10

OPEN 138.00
PREVIOUS CLOSE 135.70
VOLUME 2801
52-Week high 255.00
52-Week low 107.80
P/E 9.35
Mkt Cap.(Rs cr) 2,668
Buy Price 130.00
Buy Qty 2.00
Sell Price 148.90
Sell Qty 50.00
OPEN 138.00
CLOSE 135.70
VOLUME 2801
52-Week high 255.00
52-Week low 107.80
P/E 9.35
Mkt Cap.(Rs cr) 2,668
Buy Price 130.00
Buy Qty 2.00
Sell Price 148.90
Sell Qty 50.00

Brigade Enterprises Ltd. (BRIGADE) - Company History

Brigade Enterprises Ltd was incorporated on November 8 1995 as a real estate development company. The company is primarily engaged in the business of real estate development leasing and hospitality and related services in South India. They are one of the leading property developers in the cities of Bangalore Mysore Kochi Hyderabad Mangaluru Chikmagaluru Ahmedabad & Chennai. The Company had a total of 15 subsidiaries 2 limited liability partnerships and 1 associate company as at March 31 2018.The company was established on May 29 1990 as a partnership firm with the name Brigade Enterprises which was subsequently converted into a private limited company called Brigade Enterprises Pvt. Ltd on November 8 1995. The company was incorporated as a public limited company with the present name on July 20 2007. The company completed the construction of Brigade Gardens in January 1992. In April 1994 they completed the luxury apartments project Brigade Residency in Mysore which is first one outside Bangalore. In June 2000 they launched 'Homestead I' range of luxury service apartments in Bangalore and in December 2001 they completed the project namely Komarla Brigade Residency which is an eco-friendly building.In August 2002 Brigade Developers Pvt. Ltd and Brigade Investments and Projects Pvt. Ltd merged with company with effect from April 1 2001. In June 1 2004 the company incorporated Brigade Hospitality Services Pvt. Ltd as a 100% subsidiary company. In October 2005 Brigade Constructions Pvt. Ltd merged with company with effect from April 1 2004. In June 2006 they completed the project Brigade Millennium which is an integrated lifestyle enclave in Bangalore.The company incorporated Brigade Estates and Projects Pvt. Ltd and Brigade Properties Ltd on December 7 2006 and May 16 2007 respectively. The company completed the projects Brigade Gateway at Malleswaram and Brigade Metropolis at Whitefield during the years which are a part of integrated lifestyle enclaves developed by the company.In July 2008 the company won a bid for the property of 10.5 acres on Old Madras Road Bangalore. Also they launched their IT SEZ project Kochi. The company had recently bagged the tender to co-develop five acres of land in Kochi to develop about 6 lakh sq ft IT SEZ space. The project is expected to be completed in about 2 years. Brigade Enterprises Ltd has secured a spot in the latest annual 'Best Under a Billion' list for the Asia-Pacific region in the US magazine Forbes.During the year under review BCV Developers Private limited became a subsidiary of the Company with effect from 21st January 2015. BCV Developers Private Limited owns the land wherein the Brigade Orchards the first smart township project in Bangalore is being developed by the Company on 130 plus acres of land.Brigade (Gujarat) Projects Private Limited was incorporated on 26th March 2015 as a wholly owned subsidiary of the Company which would undertake the development of 1.1 mn. sq. ft. development at Gujarat International Finance Tec-city (GIFT City) Ahmedabad.Brigade Properties Private Limited subsidiary of the Company had acquired the entire shareholding in Brooke Bond Real Estates Private Limited on 23rd March 2015. Due to this acquisition Brooke Bond Real Estates became a wholly owned subsidiary of Brigade Properties Private Limited and a step down subsidiary of the Company. Brooke Bond Real Estates Private Limited owns a landmark SEZ property admeasuring 26.5 acres known as Brookefields.During the year 2015 the Company has entered into a framework agreement with GIC Singapore for jointly investing upto Rs 1500 crores within a time frame of 3 years for acquiring properties for mixed-use development in the major cities in South India. The Partnership with GIC got further strengthened with the acquisition of Brooke Bond Real Estates Private Limited which holds a prime SEZ land popularly known as Brookefields.In FY 2015 BCV Developers Private Limited a subsidiary company had filed a scheme of amalgamation with two joint venture companies {BCV Estates Private Limited and CV Properties (Bangalore) Private Limited} with the appointed date for the scheme being 1st October 2013. The scheme has been sanctioned by the Hon'ble High Court of Karnataka and the process of amalgamation is currently pending for filing with the Registrar of Companies. During the year 2015 Prosperita Hotel Ventures Limited a wholly owned subsidiary of the Company (transferee company) along with Subramanian Engineering Company Limited (transferor company) had filed a scheme of demerger with the appointed date for the scheme being 1st October 2013. The scheme of demerger has been sanctioned by the Honourable High Court of Madras recently. The effect of the demerger would be given in the books of Prosperita Hotel Ventures Limited after the Court Order is filed with the Registrar of Companies.During the year 2015 Brigade Group entered into partnerships with online real estate portals for online offers on its luxury projects. The Company launched an online booking platform for customers to book a Brigade apartment online in a few easy steps. It also rolled out a customer portal which is the first by a Bangalore Developer. This portal allows residential buyers to access details of the home they purchased.During the year 2016 the Company entered into joint venture with Reco Caspia Private Limited an investment arm of GIC Singapore& sovereign wealth fund for acquisition of 16-acre prime property in Chennai from M/s. Kansai Nerolac Paints Limited. The acquisition was done through JV - M/s Perungudi Real Estates Private Limited.During the year 2017 two wholly owned subsidiaries namely Brigade Hotel Ventures Limited and Augusta Club Private Limited were incorporated to facilitate a Scheme of Arrangement for hiving-off of the hotels' business integrated clubs and convention centres business of the Company. Further investment in Mysore Projects Private Limited (MPPL) was made by way of subscription to shares and acquiring shares from the existing shareholders thereby making MPPL a wholly owned subsidiary of the Company. The Company incorporated Brigade Innovations LLP a wholly owned subsidiary for undertaking real estate accelerator programme.During the year 2017 the Board of Directors of the Company approved the hiving off of the hospitality business in to wholly owned subsidiaries. The Scheme of arrangement was filed with both Stock Exchanges i.e. National Stock Exchange of India Limited on January 25 2017 and BSE Limited on January 24 2017 pursuant to Regulation 37 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and the Company has received the observation letters from the stock exchanges. The implementation of the Scheme will be completed in the next financial year.During the year the Board of Directors of the Company approved raising of capital of upto Rs. 500 crores on private placement basis through various means viz. Qualified Institutional Placement Rights Issue Preferential Issue etc. in its meeting held on May 16 2016 and the same was approved by the Shareholders in the 21st Annual General Meeting held on August 31 2016.During the year 2018 the Scheme of Arrangement between the Company and its three wholly owned subsidiaries namely Brigade Hotel Ventures Limited Brigade Hospitality Services Limited and Augusta Club Private Limited for transfer of the hotel business undertaking integrated clubs and convention centres business undertaking and Augusta Club business undertaking respectively to the said subsidiaries were approved by the Secured Creditors Unsecured Creditors and Shareholders of the Company in their respective meetings. The appointed date for the Scheme of Arrangement was October 01 2016. The Hon'ble National Company Law Tribunal Bengaluru passed the Order approving the Scheme of Arrangement on March 13 2018. The Order was filed with the Ministry of Corporate Affairs on April 01 2018. The Scheme of Arrangement will enable focused approach for the respective business undertakings for growth and to unlock the intrinsic value at the appropriate time.During the year 2018 the Company has successfully completed a Qualified Institutional Placement (QIP) raising Rs. 500 crores from Qualified Institutional Buyers by issue of 21978021 equity shares of Rs. 10/- each at an issue price of Rs. 227.50 per equity share including premium of Rs. 217.50 per share. The monies raised has been utilised in line with the objects to the issue mentioned in the Placement Document.