Brigade Enterprises Limited announced the withdrawal of a proposed preferential issue of Convertible Warrants to its Promoter Group entity, M/s. Mysore Holdings Private Limited. Initially approved by the Board on July 15, 2026, the decision to withdraw was made in response to sentiments expressed by funds and investors. The proposed issue involved up to 34,23,000 warrants convertible into equity shares at Rs. 526/- per share.
Board Approves Withdrawal of Warrant Issue
Brigade Enterprises Limited has officially communicated the withdrawal of a proposed preferential issue of Convertible Warrants. This decision was approved by the Board of Directors during a meeting held on July 17, 2026.
Background of the Proposed Issue
The company had initially proposed to issue up to 34,23,000 (Thirty Four Lakhs Twenty Three Thousand) Convertible Warrants. These warrants were convertible into an equal number of equity shares. The proposed issue price was Rs. 526/- per share, with a face value of Rs. 10/- per equity share, implying a premium of Rs. 516/- per equity share. The aggregate value of the proposed issue was Rs. 180,04,98,000/- (Rupees One Hundred Eighty Crores Four Lakhs Ninety Eight Thousand only).
The intended allottee for this preferential issue was M/s. Mysore Holdings Private Limited, an entity classified as a Promoter Group entity. The Promoter Group entity had expressed interest in subscribing to these warrants as a demonstration of confidence in the company’s prospects.
Reason for Withdrawal
Although the Board had initially approved the proposed subscription on July 15, 2026, the Promoter Group entity has since decided to withdraw its participation. This withdrawal comes in deference to the sentiments and feedback received from funds and investors. Consequently, the Board of Directors, in their meeting held today, formally approved the withdrawal of the Preferential Issue of Convertible Warrants to the Promoter Group Entity.
Meeting Details
The Board meeting where this decision was finalized commenced at 2:00 p.m. and concluded at 2:25 p.m.
Source: BSE
