Brigade Enterprises shares gain on acquiring 20 acres land in Bengaluru

Brigade Enterprises

Brigade Enterprises share price gained in the early trade on January 6 after the company signed a definitive agreement for development of residential project at Bengaluru.

At 09:28am, Brigade Enterprises was quoting at Rs 1,296.05, up Rs 2.75, or 0.21 percent, on the BSE.

"..... has signed a definitive agreement for a prime land parcel located on Whitefield-Hoskote Road, Bengaluru for developing a residential project spanning about 20 acres," company said in its release.

The project will have a total saleable area of approximately 2.5 million Sqft with a Gross Development Value (GDV) of about Rs 2700 crore and a total land cost of about Rs 630 crore through its subsidiary Ananthay Properties.

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On January 2, M/s. Mysore Projects and M/s. Brigade Tetrarch together have made an investment by way of allotment of equity shares of 51 percent in Ananthay Properties.

19,38,000 equity shares are acquired by way of at Rs 10 per equity share aggregating to 1,93,80,000.

Also Read - Brigade Hotel Ventures files draft papers to raise Rs 900-cr via IPO

In December, Brigade Group launched Brigade Citrine, a residential project, located in Budigere Cross, Whitefield, Bengaluru with estimated GDV of about Rs 500 crore. The total size of the project site is around 4.3 acres and includes 420 thoughtfully designed 1,2,3 and 4 BHK homes.

The management has recently raised as much as Rs 1,500 crore through a QIP, and the proceeds from this share placement will be used for debt repayment and land acquisition.