Prestige Estates Raises Rs 5,000 Crore via Institutional Shares

Realty firm Prestige Estates Projects Ltd successfully raised Rs 5,000 crore through the sale of equity shares to institutional investors. The company launched its Qualified Institutional Placement on August 29, with a total of 2,98,68,578 equity shares allocated. The funds raised will support various future projects.

Realty firm Prestige Estates Projects Ltd has successfully raised Rs 5,000 crore through the sale of equity shares to institutional investors. The capital was raised via a Qualified Institutional Placement (QIP) launched on August 29.

In a regulatory filing on Wednesday, Prestige Estates disclosed that its fundraising committee approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece, marking a 4.62 per cent discount on the floor price of Rs 1,755.09 per share.

With a significant presence in the south Indian market, the Bengaluru-based company has recently expanded into Mumbai and Delhi-NCR. Despite a 13 per cent decline in net profit for the June 2024 quarter, the company remains optimistic about its extensive pipeline of upcoming projects.

(With inputs from agencies.)