Brigade Enterprises has acquired additional stake of 12.50% in the equity shares of BCV Developers, subsidiary of the Company from its existing shareholders who are Joint Venture Partners. Accordingly, the shareholding of the Company has been increased from 50.01% to 62.51% in BCV Developers.
BCV Developers is developing a 135 acres smart township at Devanahalli, Bangalore with a total development potential of 6 million square feet out of which 4.50 million square feet has already been developed. Cost of acquisition is Rs 20.21 crore.
Brigade Enterprises is engaged in developing residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing a number of serviced apartments under the brand, Brigade Homestead.
