Bangalore based Real estate company Brigade Enterprises which is into development of residential and commmercial properties, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India.
Brigade Enterprises proposes to issue 16,624,720 equity shares of Rs 10 each for cash, at a price to be decided through the 100% book building process. Out of the total issue size Employee reservation is 100,000 equity shares. There will also be a green shoe option of up to 2,493,708 equity shares. The issue will constitute 16.87% of the fully diluted post issue paid-up capital of the Company.
Qualified Institutional bidders proportion is at least 60% of the issue ,out of which 5%  willl be available to mutual funds. Further, up to 10% of the issue shall be available for allocation on a proportionate basis to non-institutional investors and up to 30% of the issue shall be available for allocation on a proportionate basis to retail individual investors.
The primary objective of the issue is to fuel the future growth plans of the company, including by way of acquisition of land, meeting construction and development costs in relation to the company’s ongoing and forthcoming real estate projects and general corporate purposes.
Book running lead managers to the issue are J P Morgan India Private Limited and Enam Securities Private Limited and ICICI Securities Limited is the co-book running lead manager to the issue . Post IPO Brigade Enterprises is proposed to be listed on the Bombay Stock Exchange and the National Stock Exchanges of India.
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Brigade Enterprises IPO should be good, let me know when the Brigade IPO Opens
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