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.
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