Bengaluru-based Brigade Enterprises raised Rs 1,500 crore by selling equity shares to institutional investors as part of its business expansion strategy.
The company launched its qualified institutional placement (QIP) on September 2 to gather funds, closing the issue by September 5.
In a regulatory filing on Friday, Brigade Enterprises announced that a committee of directors approved the allotment of 1,30,43,478 equity shares to qualified institutional buyers.
The shares were allotted at Rs 1,150 per share, raising Rs 1,500 crore through the QIP process.
The shares were issued at a 1.26% discount to the floor price of Rs 1,164.70 per share.
In March, Brigade Enterprises received shareholder approval to raise up to Rs 1,500 crore by issuing securities.
Brigade Enterprises is India’s leading real estate developer with a strong presence in the southern region.
Last month, the company reported a more than two-fold increase in consolidated net profit to Rs 83.72 crore for the June quarter of the current fiscal year.
In the same quarter last year, its net profit was Rs 38.53 crore.
The company’s total income for April-June of the current fiscal year rose to Rs 1,113.44 crore, compared to Rs 685.43 crore in the corresponding period last year.
