Realty major Brigade Enterprises has planned to raise up to Rs 500 crore through private placement of shares to institutional investors.
The raised fund will be utilised by the company for its future growth as well as the expansion of the business.
The Bengaluru-based developer, in a BSE filing on Tuesday, informed that the board has approved the raising of up to Rs 500 crore by way of Qualified Institutional Placement (QIP).
The opening of the issue, fixation of the issue price, closing of the issue and allotment of equity shares will be done by the committee of directors of the company, it stated.
Previously in August 2016, the company’s shareholders had approved the proposal to raise up to Rs 500 crore through issue of securities.
Brigade Enterprises Ltd ended at Rs 254.3, up by Rs 10.3 or 4.22% from its previous closing of Rs 244 on the BSE.
The scrip opened at Rs 245 and touched a high and low of Rs 257.9 and Rs 242 respectively. A total of 737661(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 2773.42 crore.
The BSE group ‘B’ stock of face value Rs 10 touched a 52 week high of Rs 252 on 17-Apr-2017 and a 52 week low of Rs 145 on 26-Dec-2016. Last one week high and low of the scrip stood at Rs 250 and Rs 230.8 respectively.
The promoters holding in the company stood at 55.97 % while Institutions and Non-Institutions held 12.84 % and 31.2 % respectively.
The stock traded above its 50 DMA.