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Brigade Enterprises on Friday said its board has approved the issue price at ₹227.50 apiece, which is 5 per cent less than the floor price, to raise up to ₹500 crore through private placement of shares to institutional investors.
Earlier this week, the Bengaluru-based developer said that the board “approved raising of up to ₹500 crore by way of qualified institutional placement.”
The QIP issue, which opened on Tuesday, closed on Friday.
A committee of directors, at its meeting approved the issue price of ₹227.50 an equity share. The company had fixed the floor price at ₹239.20 a share.
However, the company did not disclose the amount it raised through QIP.
In August last year, the company’s shareholders had approved the proposal to raise up to ₹500 crore through issue of securities.
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