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Prestige Estates Projects' board approves ₹5,000 Cr fundraising through QIP. The company plans to monetize assets in its hospitality segment through a wholly-owned subsidiary, Prestige Hospitality Ventures Ltd. The stock has surged 246% in a year, outperforming the Nifty Realty index's 120% return.
Prestige Estates Projects' board of directors approved a fundraising plan of ₹5,000 crore. The funds will be raised through the issuance of equity shares via the qualified institutional placement (QIP) and other methods. This fundraising will occur in one or more tranches as per the company’s filing to the exchanges.
Prestige Estates plans to monetize assets in its hospitality segment through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary. This will involve the issuance of shares in primary or secondary markets, or both, subject to shareholder approval and prevailing market conditions.
Explore: Prestige Estate Ltd Share Price
A sub-committee has been formed to oversee and structure the fundraising process. This committee is responsible for ensuring regulatory compliance, coordinating with advisors and underwriters, and making all necessary arrangements to facilitate the fundraising.
Prestige Estates' stock closed at ₹1,995 on Friday, down by 0.93%. However, over the past year, the stock has delivered a robust return of 246%, significantly outperforming the Nifty Realty index, which returned 120% in the same period.
Prestige Group is a prominent real estate developer in India with over three decades of experience. The company operates across various segments, including residential, office, retail, hospitality, property management, and warehouses, with operations in over 12 major locations in India. To date, Prestige has completed 300 projects, covering a developable area of approximately 190 million square feet.
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