INSUBCONTINENT EXCLUSIVE:
Prestige Estates is one of the leading real estate developers in the country
(Photo: Wikimedia Commons)2 min read Last Updated : Jun 22 2024 | 1:02 PM IST
Realty firm Prestige Estates Projects Ltd plans to raise up
to Rs 5,000 crore by selling shares to institutional investors and also monetise its hotel business.
According to a regulatory filing on
Friday, the company's board approved "raising of funds by way of issuance of equity shares or other eligible securities for an aggregate
amount not exceeding Rs 5,000 crore by way of qualified institutional placement (QIP) or other permissible mode."The board also approved
plans to "monetise assets of the hospitality segment through its arm Prestige Hospitality Ventures Ltd, by way of issue of shares (through
primary or secondary or both)."All these decisions are subject to approval of shareholders.
For monetisation of hospitality assets, the
board has formed a sub-committee to oversee and structure the process.
"The committee is tasked with the responsibility of ensuring
compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements," the filing
said.
Prestige Estates is one of the leading real estate developers in the country.
During 2023-24, Prestige Estates' net profit rose to
Rs 1,374.1 crore from Rs 941.8 crore in the preceding year.
Total income increased to Rs 9,425.3 crore last fiscal from Rs 8,772 crore in
2022-23.
On operational front, Prestige Estates reported 63 per cent annual increase in sales booking for the last financial year at record
Rs 21,040 crore on strong demand for its residential properties and higher average sales realisation.
Prestige Group has completed 300
projects spanning a developable area of around 190 million square feet.(Only the headline and picture of this report may have been reworked
by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Jun 22 2024 | 1:02 PMIST
