Brigade Enterprises shares in focus as board approves Rs 1,500 crore NCD issue
Brigade Enterprises
are expected to remain in focus on Tuesday after the company announced that its Board of Directors has approved the issuance of
Non-Convertible Debentures
(NCDs) aggregating up to Rs 1,500 crore on a private placement basis.
In a regulatory filing dated July 14, the company said that its board considered and approved raising funds through NCDs in one or more tranches for an aggregate amount not exceeding Rs 1,500 crore (Rupees one thousand and five hundred crores only).
The issuance, however, is subject to applicable regulatory and statutory approvals.
According to the filing to the stock exchanges, the securities to be issued are Non-Convertible Debentures and will be offered through the private placement route.
The total issuance size, as well as the number of securities to be issued, will cumulatively not exceed Rs 1,500 crore.
The company also stated that the debentures may be listed, with the decision to be taken by the Board of Directors or Committee of Directors at the time of allotment.
Brigade Enterprises clarified that the issuance may occur in one or more tranches, depending on the company's funding requirements and market conditions.
Brigade Enterprises share price history
The shares of Brigade Enterprises have declined 17.18% over the past one year. Year-to-date (YTD), it has fallen 12.29%. In the last six months, the stock has gained 0.24%, while over the past three months, it has risen 16.29%. However, over the last one month, the stock has declined 8.52%.
On Monday,
Brigade Enterprises shares
closed 2% higher at Rs 1,084.90 on the BSE.
Also read:
Lack of short selling in Indian markets causing potential market distortions: Zerodha's Nithin Kamath
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