Bengaluru-based Brigade Enterprises is set to raise up to Rs 1,500 crore through the sale of equity shares to institutional investors, aligning with its business expansion strategy. On September 2, the company initiated its Qualified Institutional Placement (QIP) to secure these funds.

In a regulatory submission late on Monday, Brigade Enterprises disclosed that a committee of directors had approved the launch of the QIP Issue on the same day. The panel also set the floor price for the QIP issue at Rs 1,164.70 per equity share.

On the Bombay Stock Exchange (BSE), the company's shares closed at Rs 1,239.80 each. With this closing price, Brigade Enterprises' market capitalization surpassed Rs 28,000 crore.

Back in March, the company had received shareholder approval to raise up to Rs 1,500 crore through the issuance of securities.

Brigade Enterprises ranks among the top real estate developers in India, with a strong footprint in South India.

In its financial results for the June quarter of the current fiscal year, Brigade Enterprises reported a more than two-fold increase in consolidated net profit, reaching Rs 83.72 crore, compared to Rs 38.53 crore in the same period last year. The company's total income also rose significantly, from Rs 685.43 crore in April-June FY24 to Rs 1,113.44 crore in April-June FY25.

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