Brigade Enterprises, Bangalore-based real estate developer, witnessed a rise in share price after it announced that the board of directors of Brigade Properties, subsidiary of the company has approved the acquisition of the property from Kansai Nerolac Paints, for a consideration of Rs. 5.50 billion subject to Legal Due Diligence.

It consists 15 acres 86 cents situated at Perungudi on OMR, Chennai. The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders.

Brigade Properties has entered into a Term Sheet today with Kansai Nerloac Paints relating to the issue.  

Shares of Brigade Enterprises  are trading at Rs 153.40, up Rs 18.3, or 13.55%  at the Bombay Stock Exchange (BSE) on Tuesday at 9:45 a.m.

The scrip has touched an intra-day high of Rs 160 and low of Rs 141.10. The total volume of shares traded at the BSE is 77,041.