Brigade Enterprises in jubilant mood on plan to mop up Rs 150 crore

05 Jan 2012

Brigade Enterprises is currently trading at Rs 50.70, up by 6.55 points or 14.84% from its previous closing of Rs 44.15 on the BSE.

The scrip opened at Rs 46.75 and has touched a high and low of Rs 51.90 and Rs. 45.80 respectively. So far 17643 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 117.60 on 05-Jan-2011 and a 52 week low of Rs 38.10 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs 51.90 and Rs 40.00 respectively. The current market cap of the company is Rs 568.56 crore.

The promoters holding in the company stood at 57.58% while Institutions and Non-Institutions held 6.23% and 36.19% respectively. 

Brigade Enterprises, which has presence in residential, commercial and retail segments is planning to mop up about Rs 150 crore through private equity (PE) route by offloading a part of its stake in a commercial project in the Whitefield area of Bangalore. The project named Summit Brigade Metropolis, which is situated at Whitefield, has 800,000 sq ft of built-up area and spread over two towers.

Earlier, the company started monetizing its commercial spaces in another project called Gateway in the Garden City. The company usually earns upward of 30% by selling its commercial projects.

Brigade Enterprises is a flagship company of Brigade Group, which is one of South India's leading property developers. The company has completed 67 residential, commercial, retail and hospitality projects, covering over 6.74 million square feet of developable area. The company reported a fall of 34.60% in its net profit to Rs 13.08 crore in the September quarter compared to Rs 20 crore reported in the same period last year. This was despite 47.27% spike in sales to Rs 166.98 crore.

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Brigade Enterprises Share Price

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