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.
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