Business   

Brigade Enterprises to tap market

CHENNAI: Brigade Enterprises, the Bangalore-based real estate company, is entering the capital market with an initial public offering of 166.25 lakh equity shares of Rs. 10 each for cash at a price to be decided through the 100 per cent book-building process.

The issue will open for subscription on December 10 and close on December 13. The price band has been fixed between Rs. 351 and Rs. 390. There will also be a greenshoe option of up to 24.94 lakh equity shares.

Addressing presspersons here on Friday, Vineet Verma, Chief Executive Officer, Brigade Hospitality Services, said the company was developing two integrated lifestyle enclaves, 12 residential and two hospitality properties. He said the company’s forthcoming projects include four integrated lifestyle enclaves, 16 residential properties, nine commercial and five hospitality properties.

The CEO said the company was planning to expand its operations into other cities in South India and was in the process of acquiring land. It had land reserves of 403.45 acres.

The company was also planning to construct a three-star hotel near Tidel Park in Chennai. He said the proceeds of the issue would be utilised to fund the future growth plans of the company.

Our Bangalore Correspondent reports:

Out of the issue, at least 60 per cent would be allocated to institutional bidders, out of which five per cent would be available to Mutual Funds. Brigade’s distributable profit for 2006-07 was Rs. 72.90 crore.

The company was in the process of starting work on developing 12.53 million sq. ft. of salable area and had tied-up with the Sheraton Group to develop two hotels in Bangalore and Mysore.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Sustaining growth, a ‘critical challenge’
DIAL ties up bank loans
Sun opens war chest for Open Source developers
Gemini to expand RFID tags line
Montan Hydraulik’s second unit in Chennai
Call to reduce VAT on gold ornaments
‘Promote standalone health insurance cos.’
Higher-end version of Alto
ArcelorMittal to extend offer for all China Oriental shares
Forex reserves up $1.2 billion
Meet focusses on SME business development
Centre issues fertilizer bonds for Rs. 3,890 cr.
Equity Intelligence’s future growth plans
Bonus on Post Office MIA scheme restored
Kaybase partners global firms
Brigade Enterprises to tap market
Sensex up 170 points
Fake plastic surgeon
Eco-car project
Exchange Rates
Bullion Rates
Jet links Dhaka with Delhi, Kolkata
GVK Power to split share value
Karnataka Bank opens branch at Raigarh
Easun Reyrolle raises $50 m
iGATE sets up centre for Californian bank
Marlabs opens 600-seater facility
Joins Cognizant board

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu