Brigade Enterprises shares acquired more than of 3% on September 3 as the organization launched Qualified Institutional Placement (QIP), hoping to raise Rs.1, 500 crore.
The company has set Rs.1, 164.70 per share as the floor price for the QIP, a 5.7% discount from its previous closing price. IIFL securities and Kotak Mahindra Capital are accounted for to be the brokers of the issue.
The real estate developer with headquarters in Bengaluru intends to launched debt and acquire land with the funds generated by this placement.
A company can raise money through a Qualified Institutional Placement (QIP) by issuing shares to qualified institutional investors like insurance companies and mutual funds.
It is a quicker and frequently less expensive strategy contrasted with other capital-raising choices, with the offer cost set in light of a story cost and administrative rules.
The decision to move forward with the QIP was first approved by the board on February 6, and then a special resolution passed by shareholders on March 22 gave shareholder approval. The Committee of Directors met on September 2, 2024, and it passed a number of important resolutions to prepare the QIP launch.
They approved the prompt opening of the QIP issue.
In the past meeting, Brigade Enterprises shares shut 2.2 percent higher at Rs.1, 234 on the National Stock Exchange (NSE). The stock has acquired almost 38% up to this point this year. The stock has increased by 95% in the past year, nearly doubling the money invested by investors. In examination, benchmark Nifty revitalized 30% during this period.
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