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Tuesday, September 18, 2007

Brigade Enterprises files DRHP with SEBI

Brigade Enterprises, a Bangalore-based real estate company focusing on the development of residential, commercial and hospitality properties, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India to enter the capital market with its initial public offering (IPO) of its equity shares.

The company proposes to issue 16,624,720 equity shares of Rs 10 each for cash, at a price to be decided through the 100% book building process.

The issue comprises a net issue to the public of 16,524,720 equity shares and a reservation of up to 100,000 equity shares for eligible employees. There will also be a green shoe option of up to 2,493,708 equity shares.

The equity shares offered through this issue are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.

At least 60% of the issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which 5% shall be available to mutual funds only. Further, up to 10% of the issue shall be available for allocation on a proportionate basis to non-institutional investors and up to 30% of the issue shall be available for allocation on a proportionate basis to retail individual investors.

The issue will constitute 16.87% of the fully diluted post issue paid-up capital of the Company assuming that the Green Shoe Option is exercised in full and 15.00% assuming that the Green Shoe Option is not exercised.

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.

The global co-ordinators and book running lead managers to the issue are J P Morgan India Private Limited and Enam Securities Private Limited and the co-book running lead manager is ICICI Securities Limited.

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