Prestige Estates Plans Rs 5,000 Crore Equity Raise, Monetises Hospitality Arm

Prestige Estates Projects Ltd, a prominent real estate developer, aims to raise up to Rs 5,000 crore by selling equity shares to institutional investors and monetizing its hotel business via its subsidiary. The company has a stronghold in South India and is expanding in Mumbai and Delhi-NCR markets.

Prestige Estates Projects Ltd, one of India's leading real estate developers, has announced plans to raise up to Rs 5,000 crore by issuing equity shares to institutional investors. Additionally, the company will monetize its hotel business through its subsidiary, Prestige Hospitality Ventures.

According to a recent regulatory filing, the company's board has approved raising funds through qualified institutional placement (QIP) or other permissible modes. These measures are subject to shareholder approval.

The move comes as Prestige Estates continues to expand its footprint in key markets like Mumbai and Delhi-NCR, bolstered by strong financial performance and sustained demand in its residential sector.

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