Real estate developer Brigade Enterprises Ltd said on Tuesday it plans to raise up to Rs 648 crore through an initial public offer that opens on December 10 and closes on December 13.
The Bangalore based firm has set a price band of 351-390 rupees per share for its 16.62-million-share public issue. The funds raised are to be used for land acquisition and construction at ongoing projects, the company said in its draft red herring prospectus.
JP Morgan India, Enam Securities and ICICI Securities are the book running lead managers to the issue. Brigade joins the list of Indian developers rushing to the capital market to cash in on an urban real estate boom.
Restrictions on bank funding of land acquisitions have also forced real estate firms to raise equity to fund surging land costs.
India's largest real estate firm DLF Ltd, which raised $2.25 billion in the country's biggest IPO in June, currently trades 80 per cent above its issue price of Rs 525 a share
Tuesday, December 4, 2007
Brigade Enterprises IPO to raise Rs 650 cr
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