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By EquityPandit

MARKETS

Brigade Enterprises Shares Gain 3% as Unit Receives SEBI Approval 

In the previous year, Brigade Hotel Ventures filed its IPO paperwork with the market regulator.

The share price of Brigade Enterprises Ltd, a Bengaluru-based real estate developer, increased by 3.3% after the Securities and Exchange Board of India (SEBI) approved the IPO of Brigade Hotel Ventures Ltd., a subsidiary.

In the previous year, Brigade Hotel Ventures filed its IPO paperwork with the market regulator. Rs 900 crore worth of shares were issued as part of the initial public offering. The Offer for Sale (OFS) element is not a part of the IPO.

In an interview on 30 January, Brigade Enterprises’ Pavitra Shankar denied any concerns regarding the company’s cash flow concern.

She went on to say that the company, which specializes in upper-mid and luxury homes, plans to store a year’s worth of inventory in Bengaluru and start new projects in Chennai, Hyderabad, Mysore, and Bengaluru.

Shankar continued by saying that future numbers will be based on the company’s new launches for the current quarter.

However, at 12:16 pm, the shares of Brigade Enterprises were trading 1.13% lower at Rs 1,150.15 on NSE.

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