Royal Bank Of Scotland up stake in Brigade Enterprises

BANGALORE: Royal Bank Of Scotland Asia Merchant Bank Singapore Lt picked up additional 1.18% stake in Brigade Enterprises for Rs 8.86 crore, increasing it to 4.31%, in a bulk deal on Bombay Stock Exchange.

The bank purchased 13, 32,500 shares at Rs 66.50 per share. The company's shares closed 3.73% up at Rs 69.45 on the Bombay Stock Exchange on Friday. It had touched an intraday high of Rs 71.60 during the day.

The Bangalore-based firm reported a 13% year-on-year increase in second-quarter net profit to Rs 13.1 crore. Its Net sales for the July-September quarter rose 6% over the year-ago period to Rs 188.5 crore.

Recently, Brigade Enterprises and the Government of Singapore Investment Corporation bought 26.5 acre prime land in Bangalore's Whitefield from Hindustan Unilever. Brigade also purchased bought 36 acres plot in Chennai.

The firm plans to launch 5.5 million sq. ft in FY 2012-13 across all residential, commercial and retail segments.

Brigade's debt equity ratio stood at 0.77:1.