Prestige Estates Projects to Raise ₹5,000 Crore via QIP, Monetize Hospitality Assets
Prestige Estates Projects, a leading real estate developer, has approved a plan to raise up to ₹5,000 crore through Qualified Institutions Placement (QIP) and monetize its hospitality segment assets.
Real EstateFundraisingQipHospitalityMonetizationReal Estate NewsJun 22, 2024
The company also plans to monetize its assets within the hospitality segment, which will be conducted through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary. This process may involve the issuance of shares, either through primary or secondary means, or a combination of both. The Board of Directors has formed a sub-committee to oversee and structure this process.
In a regulatory filing, the company clarified that the proposed issuance does not involve preferential issues, bonus issues, depository receipts (ADR/GDR), FCCB, or non-convertible debt securities. Furthermore, there are no cancellations or terminations of the proposed issuance.
Prestige Estates Projects Limited shares closed at ₹1,995.00 on Friday, down by 0.93 per cent.
Information
Prestige Estates Projects Limited is a leading real estate developer in India, with a strong presence in several cities including Mumbai, Indore, Bhopal, and Delhi. The company has a diversified portfolio of projects, including residential, commercial, and hospitality segments.
Prestige Estates Projects Limited is a prominent real estate developer with a strong track record of delivering quality projects across India.
Frequently Asked Questions
What is the amount Prestige Estates Projects plans to raise through QIP?
Up to ₹5,000 crore
What is the purpose of the fundraising plan?
To raise capital for the company's future projects and business expansion
What is the process for monetizing the hospitality segment assets?
The company will issue shares, either through primary or secondary means, or a combination of both, through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary
Will the proposed issuance involve preferential issues or bonus issues?
No, the proposed issuance does not involve preferential issues, bonus issues, depository receipts (ADR/GDR), FCCB, or non-convertible debt securities
What is the current market price of Prestige Estates Projects Limited shares?
₹1,995.00, as of June 21, 2024
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