Brigade Enterprises shines as its arm to acquire Chennai land for Rs 550 crore

30 Jun 2015

Brigade Enterprises is currently trading at Rs 151.30, up by 16.20 points or 11.99% from its previous closing of Rs 135.10 on the BSE.

The scrip opened at Rs. 142.50 and has touched a high and low of Rs. 160.00 and Rs. 141.10 respectively. So far 85189 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs 10 has touched a 52 week high of Rs 179.60 on 02-Feb-2015 and a 52 week low of Rs. 115.00 on 09-Jul-2014.

Last one week high and low of the scrip stood at Rs 160.00 and Rs 132.90 respectively. The current market cap of the company is Rs 1722.85 crore.

The promoters holding in the company stood at 57.42% while Institutions and Non-Institutions held 7.14% and 35.44% respectively.

Brigade Enterprises’ subsidiary - Brigade Properties has received an approval for acquisition of the property admeasuring 15 acres 86 cents situated at Perungudi on OMR, Chennai from Kansai Nerolac Paints for a consideration of Rs 550 crore subject to Legal Due Diligence. Brigade Properties has entered into a Term Sheet with Kansai Nerloac Paints relating to the same.

The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders.

Brigade Enterprises is one the India’s leading developer with over 28 years of experience in real estate business. Brigade Group has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad, Kochi etc. and is known for their high standards and quality of development across various facilities.

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