Brigade Enterprise Picks Up Over 5 Acres of Land in Bengaluru for Rs 123 Crore; Shares Opened 2% Higher
Brigade Enterprise shares opened 2% above on 18 September after a subsidiary acquired a land parcel of over 5 acres.
A wholly owned subsidiary of the company, Brigade Tetrarch Private Ltd, has entered into a sale deed for acquiring over 5 acres of land parcel for more than Rs 123.5 crore from Bangalore Ceramics.
The land parcel is located at Venkatala village, Yelahanka Hobli, Bangalore North Taluk.
The company is planning to develop a residential project on the land with an overall revenue potential of around Rs 800 crore and will have an overall development of nearly 1 million square feet.
The company acquired a 6.54 acres of land parcel in August, near Rajiv Gandhi Salai, Sholinganallur, Chennai, from Pfizer Healthcare India Pvt Ltd for Rs 138 crore.
The company is planning to use this land parcel to develop a residential project with an overall development of over 1 million square feet.
In its quarterly report for the April-June quarter, the company posted a 26% YoY increase in its operating revenue at Rs 685 crore, whereas the company’s net profit fell from Rs 87.7 crore reported in Q1FY23 to Rs Rs 39 crore in the first quarter of the current fiscal year.
At 11:08 am, the shares of Brigade Enterprise shed all their early gains and were trading at Rs 618.55 or 0.21% below its previous close on NSE.