Prestige Estates to Raise ₹5000 Crore through QIP or Other Modes
Prestige Estates' board approves fundraising plan, Real Estate News, Bengaluru News
Real EstateFundraisingPrestige EstatesQipBengaluru NewsReal Estate NewsJun 22, 2024
The fundraising plan aims to support the company's growth plans and expansion initiatives. The Bengaluru-based company has been expanding its footprint in various cities across India, including Delhi-NCR and Bengaluru.
In addition to the fundraising plan, the company's board has also approved the monetization of its hospitality assets through a share issue. A sub-committee has been constituted to oversee and structure the process, which will ensure compliance with all regulatory requirements and coordinate with advisors and underwriters.
Prestige Estates has been actively expanding its presence in the Indian real estate market. Recently, the company acquired 62.5 acres of land in Ghaziabad for a township project and raised ₹2,001 crore from Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investments Fund to build housing projects across four cities.
The company's shares closed at ₹1,995.00 on June 21, down by 0.93%. Prestige Estates is a leading real estate developer in India, known for its high-quality residential and commercial projects.
Information
Prestige Estates Projects Limited is a Bengaluru-based real estate developer that has been operating in India for over three decades. The company has developed several iconic projects across India, including residential, commercial, and hospitality properties.
Prestige Estates Projects Limited is a leading real estate developer in India, known for its high-quality residential and commercial projects. The company has developed several iconic projects across India, including residential, commercial, and hospitality properties.
Frequently Asked Questions
How much does Prestige Estates plan to raise through QIP or other modes?
Prestige Estates plans to raise ₹5000 crore through QIP or other permissible modes.
What is the purpose of the fundraising plan?
The fundraising plan aims to support the company's growth plans and expansion initiatives.
What is QIP?
QIP stands for Qualified Institutional Placement, which is a method of raising funds from institutional investors.
What is the current market value of Prestige Estates' shares?
Prestige Estates' shares closed at ₹1,995.00 on June 21, down by 0.93%.
What is Prestige Estates' business focus?
Prestige Estates is a leading real estate developer in India, known for its high-quality residential and commercial projects.
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