Brigade Enterprises is expected to see positive movement in its stock on September 3 following the launch of a Qualified Institutional Placement (QIP) to raise Rs 1,500 crore. The Bengaluru-based real estate developer has set the floor price for the QIP at Rs 1,164.70 per share, reflecting a 5.7 percent discount from its previous closing price.
IIFL Securities and Kotak Mahindra Capital are acting as bankers for the issue. The funds raised will be utilized for debt repayment and land acquisition.
QIP is a procedure through which companies can raise capital by issuing shares to qualified institutional investors. The board of directors had approved the QIP on February 6 and the shareholders gave their clearance on March 22, 2024. The Committee of Directors finalized the resolutions and authorized the opening of the QIP on September 2, 2024.
Shares of Brigade Enterprises rose 2.2 percent to close at Rs 1,234 on the National Stock Exchange in the previous session. The stock has surged close to 38 percent year-to-date and around 95 percent in the last year against Nifty’s 30 percent gain in the same period.
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Source: Moneycontrol
News Desk
