The shares of Bengaluru-based Real Estate Developer increased around 3.3% in today’s morning session after its wholly-owned subsidiary secured SEBI approval for Rs. 900 Crores IPO debut.
Share Price Movement
The shares of Brigade Enterprises Ltd, with a market capitalization of Rs 28,280.74 Crores, reached an Intraday high of Rs 1,202 per share and gained 3.3% at the opening hours. However, the shares closed at Rs 1,158 per share, 0.4% down from its previous close of Rs 1,163.
What Happened
Brigade Hotel Ventures Ltd, a wholly owned subsidiary of Brigade Enterprises Ltd got SEBI’s approval for its Rs 900 Crore IPO debut on Tuesday. This resulted in a 3.3% increase in the share price of Brigade Enterprise Ltd in today’s morning session.
IPO Details
The company’s IPO is a fresh issue of equity shares totaling Rs. 900 crores. Out of the net proceeds of Rs 900 Crores, Rs. 481 crores will be used to repay or prepay certain borrowings. Rs. 107.5 crores will be allocated for purchasing land from Brigade Enterprises Ltd. The remaining proceeds will fund inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.
Financials
The Company reported a 25% increase in Revenue from operations, from Rs 1,174 Crores in Q3FY24 to Rs 1,464 Crores in Q3FY25. Its Net Profits grew tremendously by 321% from Rs 56 Crores to Rs 236 Crores over the same period.
About Brigade Enterprises Ltd
Brigade Enterprises Ltd incorporated in 1995, a real estate development company. The company is primarily engaged in real estate development, leasing and hospitality and related services in South India. They are one of the leading property developers in the cities of Bangalore, Mysore, Kochi, Hyderabad, Mangaluru, Chikmagaluru, Ahmedabad & Chennai.
About Brigade Hotel Ventures
Brigade Hotel Ventures Limited, a 100% subsidiary of Brigade Enterprises Ltd. established in 2004, pioneered professionally operated and branded serviced apartments under the Brigade Homestead brand and has since expanded across various sectors within the hospitality industry.
Written By Adhvaitha Nayani
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