Brigade Enterprises lists at 10% premium at NSE

Equity shares of Brigade Enterprises (BEL) were listed for trading at the bourses today, Dec. 31, 2007.

The shares opened at a premium of Rs 40.00, or 10.26%, at Rs 430 at the NSE.

The scrip has hit a high of Rs 489.90, low of Rs 355.15 and is currently trading at Rs 376.90. Total volume of shares traded was 524,146 (Monday 9.58 a.m).

The company received a good response to its public issue which subscribed 13.07 times. The issue price had been fixed at Rs 390 a share, as against the set price band of Rs 351-390 a share of Rs 10 each.

JP Morgan India and ENAM Securities helped to raise Rs 6,483.64 million via this public issue.

Originally set up in 1990, BEL is one of the major diversified real estate developers in Bangalore. Besides Bangalore, it has taken up few projects in Mysore. Recently it has initiated some development activities in other parts of South India including Mangalore, Hyderabad and Chennai.

So far BEL has completed and delivered around 67 projects aggregating to around 6.7 million square feet of space comprising residential (71%), Commercial (26%) and hospitality ventures (3%).