Prestige Estates Launches QIP to Raise Up to Rs 5,000 Crore
Bengaluru-based Prestige Estates is one of the leading developers in the country, with a significant presence in the South India market.
Prestige EstatesQipEquity SharesFundraising CommitteeSouth India MarketReal Estate NewsAug 31, 2024
In July, the company had taken approval of its shareholders to raise capital by way of public or private offerings including through a QIP to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 5,000 crore.
Bengaluru-based Prestige Estates is one of the leading developers in the country, with a significant presence in the South India market.The company has entered Mumbai and Delhi-NCR markets as well.
Recently, Prestige Estates Projects reported a 13 per cent decline in its consolidated net profit to Rs 232.6 crore in the June 2024 quarter on higher expenses.
Its net profit stood at Rs 266.9 crore in the year-ago period.Total income rose to Rs 2,024.5 crore in the April-June period of the 2024-25 fiscal year from Rs 1,966.3 crore in the corresponding period of the previous year.Last month, Prestige Estates Projects Ltd reported a 23 per cent decline in its sale bookings to Rs 3,029.5 crore in the first quarter of this fiscal on lower volumes due to delay in launches of new projects.
Its sale bookings stood at Rs 3,914.7 crore in the year-ago period.The company sold 2.86 million square feet in April-June against 3.83 million square feet in the corresponding period of the previous year.
Frequently Asked Questions
What is the purpose of the QIP launched by Prestige Estates?
The QIP is aimed at raising up to Rs 5,000 crore through the sale of equity shares to institutional investors.
What is the floor price for the QIP issue?
The floor price for the QIP issue has been set at Rs 1,755.09 per equity share.
How has Prestige Estates performed in the June quarter?
The company reported a 13% decline in net profit for the June quarter due to higher expenses.
What is the company's plan for the upcoming quarters?
The company plans to launch an extensive pipeline of projects across diverse geographies.
How many projects has Prestige Group completed so far?
The Group has completed 300 projects spanning a developable area of 190 million square feet.
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