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Bangalore, Sept. 18 Bangalore-based real estate company Brigade Enterprises Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering. The company aims to fuel its future growth plans, including acquisition of land, meeting construction and development costs in relation to its ongoing and forthcoming real estate projects, and general corporate purposes, through the issue. The global co-ordinators and book running lead managers are JP Morgan India Pvt Ltd and Enam Securities; ICICI Securities Ltd will be the co-book running lead manager.

The company proposes to issue 16,624,720 equity shares of Rs 10 each, at a price to be decided through the 100 per cent book-building process. The issue comprises a net issue to the public of 16,524,720 equity shares and up to 1 lakh equity shares will be reserved for eligible employees.

There will also be a green-shoe option of up to 2,493,708 equity shares.

At least 60 per cent of the issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which 5 per cent shall be available to mutual funds only.

Up to 10 per cent shall be available for allocation on a proportionate basis to non-institutional investors, and up to 30 per cent shall be available for allocation on a proportionate basis to retail individual investors.

The issue will constitute 16.87 per cent of the company’s fully diluted post-issue paid-up capital assuming that the green-shoe option is exercised fully and 15 per cent assuming that the option is not exercised, a company press release said.

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