Prestige Estate Projects announced that its board has approved raising of funds through issuance of equity shares by way of qualified institutional placement for aggregating up to Rs 5,000 crore in one or more tranches.

Meanwhile, the board of directors also approved to monetize assets of the Hospitality segment through Prestige Hospitality Ventures, a wholly owned subsidiary of the company by way of issue of shares, subject to approval of shareholders, market conditions and receipt of applicable approvals.

Hence, the board has formed 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.

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India. The Group has completed 300 projects spanning a developable area of approximately 190 million square feet.

Prestige Estates Projects has reported 70.1% drop in consolidated net profit to Rs 140 crore on 17.8% decline in net sales to Rs 2,164 crore in Q4 FY24 over Q4 FY23.

The scrip fell 1.24% to end at Rs 1,990.70 on Friday, 21 June 2024

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First Published: Jun 22 2024 | 11:59 AM IST