Shares of Bengaluru-based real estate developer Brigade Enterprises Ltd. surged as much as 3.3% on Tuesday, February 4, after the Securities and Exchange Board of India (SEBI) approved the IPO of its unit Brigade Hotels.CompanyValueChange%ChangeBrigade Hotels had filed for its IPO papers last year with the market regulator. The IPO comprised of a fresh issue of shares worth ₹900 crore. There is no Offer for Sale (OFS) component for the IPO.In an interaction with CNBC-TV18 on January 30, Pavitra Shankar of Brigade Enterprises had denied reports of any concerns regarding the cash flow situation at the company.
She further said that the company is holding 12 months worth of inventory in Bengaluru and is also looking at launching new projects in Bengaluru, Chennai, Hyderabad and Mysore, focusing on the upper-mid and premium housing segment.Shankar added that the future numbers will depend on the new launches that the company has in the current quarter.Shares of Brigade Enterprises are trading 2.9% higher at ₹1,197. The stock is still down 18% from its recent peak of ₹1,453.
