Brigade Enterprises launches QIP issue to raise up to ₹1,500 crore

Bengaluru-based Brigade Enterprises plans to raise up to ₹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 ₹1,164.70 per equity share. The company's share price closed at ₹1,239.80 apiece on the BSE.

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

In March, Brigade Enterprises had taken approval from shareholders to raise funds through the issue of securities up to ₹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 a more than two-fold jump in consolidated net profit at ₹83.72 crore for the June quarter of the current fiscal year.

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

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