Brigade Enterprises Ltd Cancels Preferential Issue of Convertible Warrants
Brigade Enterprises Ltd has announced the cancellation of a proposed preferential issue of convertible warrants to a promoter group entity. The Board of Directors approved the withdrawal of the issuance following a decision by the intended subscriber.The company had previously considered issuing up to 34,23,000 convertible warrants. These warrants were intended to be convertible into 34,23,000 equity shares with a face value of Rs. 10 per share. The issuance was proposed at a price of Rs. 526 per share, representing a premium of Rs. 516 per share.
The total aggregate value of the proposed issue was set at Rs. 180,04,98,000. The warrants were slated to be issued to M/s. Mysore Holdings Private Limited, which is a promoter group entity.
While the Board had initially approved the issuance on July 15, 2026, based on the promoter group entity's interest in demonstrating confidence in the company, the entity subsequently decided to withdraw its subscription. The withdrawal was made in consideration of sentiments expressed by funds and investors.
The Board of Directors met on July 17, 2026, and formally approved the withdrawal of the preferential issue of convertible warrants to the promoter group entity.
| Transaction Detail | Value/Quantity |
|---|---|
| Number of Convertible Warrants | 34,23,000 |
| Issue Price per Share | Rs. 526 |
| Face Value per Share | Rs. 10 |
| Premium per Share | Rs. 516 |
| Total Aggregate Amount | Rs. 180,04,98,000 |
| Proposed Subscriber | M/s. Mysore Holdings Private Limited |
BRIGADE Stock Price Movement
Brigade Enterprises Limited shares rallied 2.20% to ₹567.05 as of 3:05 PM today, outperforming the broader market sentiment. The stock saw significant activity with a trading volume of 370,524 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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