Rs 750 crore are raised by Brigade Enterprise to expand real estate business
Brigade Enterprises, a real estate builder in Bangalore, has announced to raise additional capital of Rs 750 crore by issuing equity based securities to various investors through Public-Private Offerings, QIP, or Preferential share allotment.
This is in addition to their earlier plan of raising Rs 500 crore by private equity investments. The exact mode and time of raising fund will be finalized after approval of the shareholders.
The company plans to expand its retail and hospitality segment through new real estate projects in Bangalore and other cities in India.
A deal with J.P. Morgan for running the mandate to rope in PE investors is expected to finalize by the end of August.
Brigade Enterprises Ltd is targeting to develop around 8-10 million sq ft of area during current financial year through its raised capital.
In the last financial year, ending March 2012, company presented a debt amount of Rs 670 crore with leverage of 0.63 times. The net profit was Rs 47.32 crore, 45% lower than the previous year. The net sale showed a drop of 2% and stood at Rs 354.85 crore.
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Source: Propertysamachar
Brigade Enterprises, Debt, Investment in Real estate, properties in Bangalore, property in Bnagalore, Real Estate in Bangalore
