Real Estate Firms Max Estates and Prestige Estates Raise ₹5800 Crore via QIPs
Two real estate companies, Max Estates and Prestige Estates, have raised a total of ₹5800 crore through Qualified Institutional Placements (QIPs).
Real EstateQipMax EstatesPrestige EstatesFundraisingReal Estate NewsAug 30, 2024
The proceeds from the QIP will be used for the acquisition of land, interest in land, land development rights, and general corporate purposes. This move is expected to boost the company's growth plans and expansion strategies.In a separate move, Prestige Estates, another major real estate player, has launched a QIP to raise ₹5000 crore. The indicative issue price is set at ₹1674 per share, reflecting a 3% discount to Thursday's closing price. This QIP will dilute 7.45% of the pre-issue share capital.
The funds raised through the QIP will be allocated to repay or pre-pay certain outstanding borrowings, acquire land or land development rights, invest in subsidiaries and joint ventures for ongoing and upcoming projects, and for general corporate purposes.Shares of Max Estates Ltd ended at ₹673.45, down by ₹8.90, or 1.30%, while Prestige Estates Projects Ltd ended at ₹1816.00, up by ₹91.75, or 5.32% on the BSE.
About Max Estates Ltd
Max Estates Ltd is a leading real estate company that develops and constructs residential, commercial, and industrial projects. The company is known for its quality construction and timely delivery of projects.
About Prestige Estates Projects Ltd
Prestige Estates Projects Ltd is a prominent real estate company that develops and constructs residential, commercial, and industrial projects. The company is known for its innovative designs and quality construction.
Frequently Asked Questions
What is a Qualified Institutional Placement (QIP)?
A Qualified Institutional Placement (QIP) is a fundraising tool used by listed companies to raise funds from institutional investors.
How much has Max Estates raised through QIP?
Max Estates has raised ₹800 crore through QIP.
What is the issue price of Max Estates' QIP?
The issue price of Max Estates' QIP is ₹597.50 per share.
How much has Prestige Estates raised through QIP?
Prestige Estates has raised ₹5000 crore through QIP.
What is the indicative issue price of Prestige Estates' QIP?
The indicative issue price of Prestige Estates' QIP is ₹1674 per share.
Related News Articles
Sustainable Practices Revolutionizing India's Real Estate Market
The Indian real estate market is adopting sustainable practices to enhance market value and investor appeal, contributing to a greener future.
Pune's Luxury Real Estate Market Soars with Record-Breaking Penthouse Sale
Lodha One Bund Garden's Emperor Palace penthouse sells for INR 37cr, setting a new benchmark for luxury living in Pune.
Unfold the Future: Samsung's Latest Foldable Smartphones, Galaxy Z Fold 6 and Galaxy Z Flip 6, Now Available in India
Get ready to experience the next generation of foldable smartphones with Samsung's Galaxy Z Fold 6 and Galaxy Z Flip 6, now available for pre-order in India.
The Cost of Owning a Home in Mumbai: A Comprehensive Guide
Discover the average home sales value in Mumbai Metropolitan Region, which hit a record Rs 94 lakh in Q2 2024, and learn about the trends shaping the city's real estate market.
Revolutionizing India's Commercial Real Estate: Worldmark's Ambitious Vision
Bharti Real Estate's Worldmark brand is set to elevate India's commercial real estate sector with its futuristic developments in Aerocity, New Delhi.
ED Seizes Properties Worth INR 56.86 Crore in Gurugram Real Estate Fraud Case
The Director of Enforcement (ED) has attached assets worth INR 56.86 crore in a high-profile real estate fraud case involving M/s Krrish Realtech Pvt. Ltd. The case raises serious concerns about regulatory compliance and investor protection in the Indian