Bangalore, Sep 17: Bangalore based real estate company Brigade today announced filing of its Draft Red Herring Prospectors with the Securities and Exchanges Board of India to float an initial public offering of 16.62 million equity shares of Rs.10 each on 100 per cent book building process.
The Company in a release here said the IPO comprised a net issue to the public of 16,524,720 Equity Shares over and above reservation of up to 100,000 Equity Shares for eligible employees. There would also be a green shoe option of up to 2,493,708 Equity Shares.
The Equity Shares offered through this Issue were proposed to be listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
At least 60 per cent of the Issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which five per cent shall be available to mutual funds only.
Further, up to 10 per cent of the Issue shall be available for allocation on a proportionate basis to non-institutional investors and up to 30 per cent of the Issue shall be available for allocation on a proportionate basis to retail individual investors. The Issue will constitute 16.87 per cent of the fully diluted post issue paid-up capital of the Company assuming that the Green Shoe Option wass exercised in full and 15 per cent assuming that the Green Shoe Option is not exercised.
The release said the primary objective of the Issue is to fuel the future growth plans of the Company, including by way of acquisition of land, meeting construction and development costs in relation to the Company's ongoing and forthcoming real estate projects and general corporate purposes.