Brigade Enterprises has launched a Qualified Institutional Placement (QIP) to raise up to ₹1,500 crore, setting the issue price at ₹1,150 per share. As of 9:30 AM, Brigade shares are trading at ₹1,280.55, reflecting a gain of ₹39.45 or 3.18%.
The QIP aims to bolster the company’s capital for debt repayment and land acquisitions, addressing previous investor concerns regarding pending government approvals. The decision to proceed with the QIP was authorized by the board and received shareholder approval earlier this year.
Brigade Enterprises has shown strong performance, with its stock gaining nearly 38% year-to-date and an impressive 95% over the past 12 months, significantly outperforming the benchmark Nifty index.
