Prestige Estates Launches QIP to Raise Up to Rs 5000 Crore Amidst Growing Demand in Realty Sector
Bengaluru-based Prestige Estates, a leading developer in South India, has launched a Qualified Institutional Placement (QIP) to raise up to Rs 5000 crore. The company has a significant presence in the South India market and has recently entered Mumbai and
Prestige EstatesQipRealty SectorFundraisingInstitutional InvestorsReal Estate NewsAug 30, 2024
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 Prestige Estates' QIP launch?
The QIP launch is a strategic move to capitalize on the growing demand in the realty sector and raise up to Rs 5000 crore by selling equity shares to institutional investors through private placement.
What is the floor price for the QIP issue?
The floor price for the QIP issue is Rs 1,755.09 per equity share.
How has Prestige Estates performed in the recent quarter?
Prestige Estates reported a 13 per cent decline in its consolidated net profit to Rs 232.6 crore in the June 2024 quarter on higher expenses.
What is the company's sales performance in the first quarter of this fiscal?
Prestige Estates 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.
What is Prestige Group's business portfolio?
Prestige Group builds residential, office, retail, hospitality and warehouse projects. The Group has completed 300 projects spanning a developable area of 190 million square feet.
Related News Articles
Why Delhi-NCR and Mumbai Are Seeing a Surge in Housing Prices
Housing prices in Delhi-NCR and Mumbai have seen a significant surge over the past five years, driven by high demand and infrastructural developments.
Unpacking Gujarat's Residential Market: Trends, Challenges, and Opportunities
Gain insights into Gujarat's residential market from industry experts, including Mr. Paras Pandit, CMD of Sheetal Infrastructure, at the Realty+ Conclave 2024.
How Budget Policies Shape the Fate of Real Estate Development
Budget policies play a crucial role in shaping the real estate sector, influencing investments, and driving growth in various regions. The impact of budget policies can be seen in cities like Mumbai, where infrastructure development has boosted real estat
UBS to Liquidate Struggling Real Estate Fund Amid Market Turmoil
UBS Group AG is liquidating a flagship real estate fund due to high redemption requests, exposing the turmoil in commercial real estate markets.
Maharashtra's Next Chief Minister: Key Insights and Predictions Post-Mahayuti Victory
The recent election results in Maharashtra have significantly constrained the options for Eknath Shinde, as the BJP's strong performance shifts the power dynamics.
2025 Could Set New Records in Luxury Real Estate Market
Anuj Puri, chairman of real estate company ANAROCK, stated that the average property prices in the top seven cities witnessed a 32% rise over the first nine months of 2024. This trend is expected to continue into 2025, setting new records in the luxury re