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Prestige Estates Launches ₹5,000 Cr QIP, Aims to Repay Debt and Expand

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Synopsis:

Prestige Estates plans to raise ₹5,000 crore through QIP at a floor price of ₹1,755.09 per share, aiming to reduce debt, acquire land, and fund ongoing projects. Prestige Estates share price closed at ₹1,753 on Thursday, marking a 2.25% increase.

Prestige Estates News Today

Bengaluru-based real estate developer Prestige Estates Projects Limited has initiated a Qualified Institutional Placement (QIP) to raise up to ₹5,000 crore. This strategic move aligns with the company's broader financial and expansion goals.

QIP Details and Pricing

The company has set the floor price for the QIP at ₹1,755.09 per share, which closely matches the close of Prestige Estate share price on Thursday. However, sources suggest that the indicative issue price could be around ₹1,674 per share, reflecting a 5% discount to the floor price. The QIP is expected to dilute about 7.45% of the company’s pre-issue share capital.

PRESTIGE ESTATE LTD

Trade

1437.417.70 (1.24 %)

Updated - 23 May 2025
1458.40day high
DAY HIGH
1420.60day low
DAY LOW
264143
VOLUME (BSE)

Fund Utilisation Plan

Prestige Estates plans to deploy the funds raised from the QIP for several critical purposes:

  • Debt Repayment: The primary focus is on the repayment or pre-payment of existing borrowings, which will help reduce the company's overall debt burden.

  • Land Acquisition: A significant portion of the funds will be used for acquiring land or land development rights, facilitating the company's expansion plans.

  • Investment in Subsidiaries and JVs: The proceeds will also support ongoing and upcoming projects through investments in subsidiaries and joint ventures (JVs).

  • General Corporate Purposes: A portion of the funds will be allocated for general corporate needs, ensuring smooth business operations.

Board Approval and Share Price Performance

The board of Prestige Estates had approved the plan to raise up to ₹5,000 crore in June 2024, allowing for the funds to be raised through a QIP or other permissible financial instruments.

Prestige Estates share price closed at ₹1,753 on Thursday, reflecting a 2.25% increase. Notably, the stock has surged by 187.14% over the past 12 months, underscoring investor confidence in the company's growth prospects.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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