Brigade Enterprises enters into agreement with Reco Caspia

Brigade Enterprises has entered into shareholders' agreement and securities subscription agreement with Reco Caspia, an investment vehicle of GIC, Singapore and Perungudi Real Estates, a special purpose vehicle.

The Company and Reco Caspia will be acquiring 100% equity stake in Perungudi Real Estates (Target), a special purpose vehicle by purchasing 10,000 equity shares from the existing shareholders of the Target and subscribing to certain securities of the Target, thereby jointly proposing to invest an aggregate amount of Rs 600 crore. The Target proposes to acquire property for undertaking construction development activities.

Brigade Group is one of the India’s leading Real Estate player headquartered in Bangalore has over the past 29 years created many landmarks and innovative projects across South India.