Brigade Enterprises Ltd.'s board of directors approved on Monday issuance of non-convertible debentures worth up to Rs 1,500 crore.
The real estate developer will raise the funds through one or more tranches on a private placement basis, subject to all regulatory/statutory approvals. The debentures may be listed which will be determined by board/committee of directors at the time of allotment, according to an exchange filing.
In May, Brigade Enterprises announced its expansion into the Chennai market through a project on land that it spent Rs 441.7 crore to acquire. The project is taking shape on a land parcel that's spread across 5.41 acres in Velachery Road.
Shares of Brigade Enterprises closed 2.06% higher at Rs 1,084.9 apiece on the National Stock Exchange before the announcement, compared to a 0.03% rise in the benchmark Nifty. The share price has fallen 13.88% in the last 12 months and 12.72% on a year-to-date basis.
Out of the 13 analysts tracking the company, 12 have a 'buy' rating on the stock and one recommends 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 27.5%.
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