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Published on 5/07/2022 2:49:13 PM | Source: Accord Fintech

Brigade Enterprises rises as its arm acquires 63% stake of Tandem Allied Services

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Brigade Enterprises is currently trading at Rs. 441.65, up by 2.75 points or 0.63% from its previous closing of Rs. 438.90 on the BSE.

The scrip opened at Rs. 440.00 and has touched a high and low of Rs. 446.05 and Rs. 438.15 respectively. So far 3108 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 554.25 on 31-Mar-2022 and a 52 week low of Rs. 278.80 on 05-Jul-2021.

Last one week high and low of the scrip stood at Rs. 449.70 and Rs. 433.00 respectively. The current market cap of the company is Rs. 10176.67 crore.

The promoters holding in the company stood at 43.88%, while Institutions and Non-Institutions held 37.50% and 18.62% respectively.

Brigade Enterprises’ wholly owned subsidiary -- WTC Trades & Projects has acquired 63% stake in the equity shares of the Tandem Allied Services from its existing shareholders.

Tandem Allied Services has become a subsidiary of WTC Trades & Projects and a step down subsidiary of Brigade Enterprises due to the aforesaid acquisition. Prior to this acquisition Tandem Allied Services was an associate company of Brigade Enterprises.

The acquisition is made with the objective of consolidating the group's facility management business under one division and giving it a focused approach in taking it to the next level of growth.

Brigade Enterprises is engaged in developing residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing a number of serviced apartments under the brand, Brigade Homestead.