Realty stock which is one of the leading property developers in South India jumped 2 percent in the day’s trade after it acquired an additional 12.50 percent stake in its subsidiary for a consideration of Rs. 20.21 Crores.
At 12:21 p.m. the shares of Brigade Enterprises were trading at Rs. 792.75, up 1.87 percent from its previous day’s close price of Rs. 778.20 and its market capitalization is Rs. 17,915 Crores.
Brigade Enterprises Limited has acquired an additional stake of 12.50 percent in BCV Developers Private Limited, from its existing shareholders who are Joint Venture Partners in it for a consideration of Rs. 20.21 Crores. Following this acquisition, its stake has increased from 50.01 percent to 62.51 percent.
BCV Developers Private Limited which is a subsidiary of Brigade Enterprises Limited, is developing a 135-acre smart township at Devanahalli, Bangalore with a total development potential of 6 million square feet out of which 4.50 million square feet have already been developed.
The company’s revenue from operations grew 14.87 percent from Rs. 2,998.78 Crores in FY22 to Rs. 3,444.61 Crores in FY23, accompanied by profits of Rs. 82.77 Crores to Rs. 291.41 Crores.
It has reported a return on equity (ROE) of 7.25 percent and a return on capital employed of 9.18 percent, it is making decent returns on its equity and capital employed.
According to the latest shareholding data available for the September 2023 quarter, the Promoters of the company hold 43.77 percent stake, the Foreign Institutional Investors (FII) hold 13.40 percent and the Domestic Institutional Investors hold 25.40 percent.
Brigade Enterprises Limited is one of the leading property developers in South India. It is engaged in the business of real estate development, leasing, hospitality, and related services.
Written by: Bharath K.S
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