Brigade Enterprises Raises Rs 1,500 Crore Through QIP

New Delhi, Sep 3 (PTI) Bengaluru-based Brigade Enterprises plans to raise up to Rs 1,500 crore by selling equity shares to institutional investors as part of its strategy to expand business.

The company on September 2 launched its Qualified Institutional Placement (QIP) issue to raise funds.

In a regulatory filing late on Monday, Brigade Enterprises informed that a committee of directors authorised the opening of the QIP Issue on Monday.

The panel also approved the floor price for the QIP issue at Rs 1,164.70 per equity Share.

The company's share price closed at Rs 1,239.80 apiece on the BSE.

Its market capitalisation at Monday's closing price stood at more than Rs 28,000 crore.

In March, Brigade Enterprises had taken approval from shareholders to raise funds through the issue of securities up to Rs 1,500 crore.

Brigade Enterprises is one of the leading real estate developers in the country with a significant presence in South India.

Last month, Brigade Enterprises reported more than two-fold jump in consolidated net profit at Rs 83.72 crore for the June quarter of the current fiscal year.

Its net profit stood at Rs 38.53 crore in the year-ago period.

Total income rose to Rs 1,113.44 crore during April-June FY25 from Rs 685.43 crore in the corresponding period of the previous year.