Brigade to raise additional capital of up to Rs 750 crore for expansions

Brigade Enterprises has announced to raise additional capital of up to 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 in AGM.

The company plans to expands its retail and hospitality segment through special purpose vehicles. A deal with J.P. Morgan for running the mandate to rope in PE investors is expected to finalized 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 2010, company presented a debt book 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.

Posted by India Property News Admin on Friday, June 18th, 2010. Filed under News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry