Shares of Brigade Enterprises Ltd. ended flat after reaching a day’s high of Rs 1,302 on 3rd September, following the company’s launch of a Qualified Institutional Placement (QIP) aimed at raising Rs 1,500 crore. The company has set the floor price for the QIP at Rs 1,164.70 per share, which is a 5.7% discount from its previous closing price.

IIFL Securities and Kotak Mahindra Capital are the bankers for the QIP. The funds raised will be used by the Bengaluru-based real estate developer for debt repayment and land acquisition.

The QIP was first approved by the board on 6th February and received shareholder approval via a special resolution on 22nd March. 

Yesterday, the Committee of Directors approved key resolutions to launch the QIP and authorised its immediate opening.

The company reported a more than two-fold increase in consolidated net profit to Rs 83.72 crore for the June quarter, up from Rs 38.53 crore a year ago.

Total income rose to Rs 1,113.44 crore for April-June FY25, compared to Rs 685.43 crore in the same period last year.

The stock has risen nearly 38% so far this year. Over the past 12 months, the stock has surged 95%, almost doubling investors’ money, while the benchmark Nifty has increased by 30%.

The company’s market capitalisation stood at Rs 28,784 crore.

At 3:30 PM, the shares of Brigade Enterprises closed 0.089% lower at Rs 1,240 on NSE.

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