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October 2, 2007

Brigade Enterprises plans IPO

Brigade Enterprises, a Bangalore-based real estate company focusing on the development of residential, commercial and hospitality properties, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India to enter the capital market with its initial public offering (IPO) of its equity shares.

The company proposes to issue 16,624,720 equity shares of Rs 10 each for cash, at a price to be decided through the 100% book building process.

The primary objective of the issue is to fuel the future growth plans of the company, including by way of acquisition of land, meeting construction and development costs in relation to the company's ongoing and forthcoming real estate projects and general corporate purposes.

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