Brigade Enterprises Raises Rs 1,500 Crore via Equity Sales

Bengaluru-based Brigade Enterprises has successfully raised Rs 1,500 crore by selling equity shares through a Qualified Institutional Placement (QIP) issue, aiming to expand its business operations. The shares were issued at Rs 1,150 per share, slightly lower than the floor price. The company had previously received shareholder approval in March for this strategy.

Bengaluru-based Brigade Enterprises has successfully raised Rs 1,500 crore by selling equity shares to institutional investors, marking a significant step in its business expansion strategy.

The company's Qualified Institutional Placement (QIP) issue launched on September 2 and closed on September 5. A total of 1,30,43,478 equity shares were allotted to eligible institutional buyers at an issue price of Rs 1,150 per share, slightly below the floor price of Rs 1,164.70.

The move follows shareholder approval in March to raise funds through securities, further bolstered by a robust performance in the June quarter, where the company's net profit more than doubled to Rs 83.72 crore.