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Brigade Enterprises raises Rs500 crore via QIP

LiveMint logoLiveMint 03-05-2017 PTI

New Delhi: Realty firm Brigade Enterprises Ltd on Wednesday said it has raised Rs500 crore via private placement of shares to institutional investors.

The committee of directors, in its meeting held on Wednesday, approved allotment of 2,19,78,021 equity shares to qualified institutional buyers at Rs227.50 per share, 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 25 April and closed on 28 April. In August last year, the company’s shareholders had approved the proposal to raise up to Rs500 crore through issue of securities. The company’s share price closed at Rs244 per share on the BSE, down 0.33 per cent.

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