Prestige Estates Raises Rs 5,000 Crore via QIP

Prestige Estates Projects Ltd has raised Rs 5,000 crore through a Qualified Institutional Placement (QIP) by selling equity shares to institutional investors. The company issued 2,98,68,578 equity shares at Rs 1,674 each, lower than the floor price. Prestige Estates, a prominent developer, reported mixed fiscal outcomes in the current financial period.

Realty firm Prestige Estates Projects Ltd has successfully raised Rs 5,000 crore by issuing equity shares to institutional investors through a Qualified Institutional Placement (QIP).

Launched on August 29, the QIP issue offered 2,98,68,578 equity shares at an issue price of Rs 1,674 each, marking a 4.62% discount on the floor price of Rs 1,755.09 set by the company.

The Bengaluru-based real estate giant, recognized for its strong presence in the South Indian market, has also expanded into Mumbai and Delhi-NCR. Despite a 13% decline in net profit to Rs 232.6 crore in the June 2024 quarter, the company's total income rose to Rs 2,024.5 crore, up from Rs 1,966.3 crore in the previous year.

(With inputs from agencies.)