Prestige Estates Projects Board Approves ₹5,000 Crore Fundraising Plan Via QIP

Prestige Estates Projects Board Approves ₹5,000 Crore Fundraising Plan Via QIP

The board has also in the meeting decided to monetise assets within the company’s hospitality segment which will be conducted through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary.

Oliviya KunjumonUpdated: Saturday, June 22, 2024, 03:37 PM IST
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Prestige Estates Projects' shares climb over 2% |

One of the prominent real estate developer, Prestige Estates Project Limited, through an exchange filing, on June 21, 2024 announced that the Board of Directors of the company at its meeting held on Friday approved the plan to raise up to Rs 5,000 crores.

The company also plans to initiate this fundraising process through Qualified Institutions Placement (QIP) or other permissible modes.

As per the regulatory filing, the company added that to proceed this fundraising, the company will be seeking the approval of its shareholder through a postal ballot.

Monetisation of Hospitality Segment Assets

The board has also in the meeting decided to monetise assets within the company’s hospitality segment which will be conducted through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary.

This monetisation process may involve the issuance of shares, either through primary or secondary means, or a combination of both.

For this, the board of directors formed a sub-committee to oversee and structure this process.

Other Regulatory Disclosures

The company through the regulatory filing 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 Project Limited shares

The shares of the company on Friday closed at Rs 1,995.00, down by 0.93 per cent.

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