Brigade Enterprises; touching sky

Brigade Enterprises, a Bangalore-based real estate company is planning to raise an additional fund of Rs. 750 cr. Foreign currency convertible bonds (FCCBs)American depository receipts (ADRs), global depository receipts (GDRs) or placement with qualified institutional investors will be the key instruments for raising the fund.

After the meeting yesterday, the company said to the shareholders that the funds will be used for acquisition of land, infrastructure cost of current and upcoming projects, clearance of debts, investment opportunities, augmentation of working capital and other general purposes.

Brigade originally focuses on developing residential units in South India, however, is now seeking shareholder approval to list its stock on Luxembourg, London, New York and Singapore Stock Exchanges.

On Thursday, the shares of Brigade closed at 1.07% higher to Rs. 137.35.