Brigade Enterprises raises Rs 500 cr via QIP

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Brigade Enterprises raises Rs 500 cr via QIP

New Delhi, May 3 (PTI) Realty firm Brigade Enterprises today said it has raised Rs 500 crore via private placement of shares to institutional investors.

The committee of directors, in its meeting held today, approved allotment of 2,19,78,021 equity shares to qualified institutional buyers at Rs 227.50 apiece, the Bengaluru-based developer said in a regulatory filing.

As many as 40 investors took part in the QIP (qualified institutional placement) issue including Kotak Funds, Kuwait Investment Authority Fund, HSBC fund, BNP Paribas Arbitrage, Kotak Mahindra, ICICI Prudential, Max Life Insurance Company, Sundaram Mutual Fund, Franklin India and Government Pension Fund Global.

The QIP issue opened on April 25 and closed on April 28.

In August last year, the company’s shareholders had approved the proposal to raise up to Rs 500 crore through issue of securities.

The company’s share price closed at Rs 244 apiece on the BSE, down 0.33 per cent.

This is published unedited from the PTI feed.