Brigade Enterprises (BEL) subsidiary, Brigade Hotel Ventures (BHVL), has successfully allotted 84.41 million equity shares in its Initial Public Offering, raising ₹759.60 crore.

This fresh issue has diluted BEL's equity stake in BHVL from 95.26% to 74.09%. Last fiscal, BHVL's turnover was ₹401.22 crore, representing 8% of BEL's consolidated turnover, with a net worth of ₹(202.10) crore.

This IPO provides growth capital for the hotel venture while adjusting BEL's holding.