Bangalore-based real estate company Brigade Enterprises has filed its draft red herring prospectus with Sebi for an initial public offering (IPO). Brigade Enterprises proposes to issue 16.624 million equity shares of Rs 10 each. The issue comprises a net issue to the public of 16.524 million shares, and a reservation of up to 1,00,000 shares for eligible employees. There will also be a green shoe option of up to 24,93,708 shares. The shares offered through the issue will be listed on the Bombay Stock Exchange and the National Stock Exchange.The primary objective of the issue is to fund the future growth plans of the company including acquisition of land, meeting construction and development costs, forthcoming real estate projects and general corporate purposes.The issue will constitute 16.87% of the fully-diluted post issue paid-up capital of the company if the greenshoe option is exercised in full and 15% if the greenshoe option is not exercised. The global co-ordinators and book running lead managers to the issue are J P Morgan India Private and Enam Securities Private and the co-book running lead manager is ICICI Securities.
