Realty Giant Prestige Estates Targets ₹5,000 Crore Through QIP

Prestige Estates Projects Ltd plans to raise up to ₹5,000 crore by selling equity shares to institutional investors. The fundraising move was approved by the shareholders in July. Despite a recent 13% drop in net profit, the company maintains strong market presence, particularly in South India, Mumbai, and Delhi-NCR.

Prestige Estates Projects Ltd, a leading real estate developer, has announced plans to raise up to ₹5,000 crore by selling equity shares to institutional investors through private placement.

The Qualified Institutional Placement, which launched on Thursday, received board approval with the floor price set at ₹1,755.09 per share.

Despite a 13% decline in net profit in the June 2024 quarter due to higher expenses, the company demonstrated resilience with a total income of ₹2,024.5 crore. Prestige Estates continues to solidify its presence across major Indian cities, including Bengaluru, Mumbai, and Delhi-NCR.

(With inputs from agencies.)