Brigade Enterprises today said its board has approved the issue price at Rs 227.50 apiece, which is 5 per cent less than floor price, to raise up to Rs 500 crore through private placement of shares to institutional investors.
Earlier this week, the Bengaluru-based developer informed that the board "approved the raising of up to Rs 500 crore by way of Qualified Institutional Placement (QIP)".
The QIP issue, which opened on April 25, closed today.
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A committee of directors, in its meeting held today, approved the issue price of Rs 227.50 per equity shares. The company had fixed the floor price at Rs 239.20 per 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 Rs 500 crore through issue of securities.
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